What types of small business grants
are available in the UK?

Do you have big dreams but do not have the funding to match? Nothing to worry about! We have got you covered! Finding small business grants UK 2022 is now easier than ever. Here is everything you need to know about them.

What are small business grants?

Start-up businesses get small business grants from various government and non-profitable agencies. These are different from any financial loans because there is no need to pay them back. Any small company requires small business grants as initial investments for business growth.

The difference between small business grants and financial loans

Businesses taking finance loans need to pay back the money within an agreed timescale. But, small business grants do not have any specific payback policy. So, how do small business grants UK 2022 work? Let’s find out!

How can you apply for small business grants?

The application process varies depending on what type of grant you’re applying for. However, here are the general tips for applying for small business grants in the UK:

• Consult with the person awarding you the grant: Understand what the person wants from you or your business.
• Business plan: Create a thorough business plan to help you get grants from investors.
• Explain your terms of usage: Be specific to explain how you will use the money you get.
• Submit early application: Like you, other businesses and entrepreneurs are applying for small business grants. Thus, it's better to apply in earnest.

Following these tips can easily help you get small business grants UK 2022.

The UK government grants for small business

If you plan to apply for the UK government grants, this guide gives a complete overview of a range of all available small business grants across the UK.

• Innovate UK: This UK government grant is for businesses that aim to develop potentially strong business ideas into reality. Check out the details on the Innovate UK website.
• R&D tax reliefs: Research and Development tax reliefs support small businesses that plan to develop research-based advancements in their fields. Find out more about R&D tax reliefs.

You can apply to any of these two main government-funded small business grants UK 2022.

Small business grants available in local regions

Other than government-funded grants, many local investors provide funding to specific businesses. Here are the details of a few local small business grants across the UK.

Coronavirus support packages: These grants specifically support local businesses suffering from the COVID-19 Pandemic. The funding is meant to help local authorities to rebuild their businesses through:

• Social Enterprise Support Fund (SESF): Businesses impacted by the COVID-19 pandemic can online apply for the SESF grant. But, the annual income should be between £20,000 and £1.8 million in the last financial year.
• Omicron Hospitality and Leisure Grant: Under this scheme, UK citizens can receive funding to support their local businesses. Check your eligibility at Omicron Hospitality and Leisure Grant.
• New Covid-19 Recovery Grant Scheme: One of the best small business grants UK 2022 with two active schemes - Omicron Hospitality and Leisure Grant and Additional Restriction and City Omicron Support Grant. Businesses in retail, hospitality, medical, and leisure can apply for New Covid-19 Recovery Grant Scheme.

Now that you know the various coronavirus support grants for small businesses start your search online.

Grants for young entrepreneurs with no source of income

Young entrepreneurs across the UK, dreaming of establishing a successful business, should look for these types of grants. Here are the details-

• Business Growth Grant across the UK: There are various location-based grant schemes across the UK, such as:

  Business Growth Grant Leicestershire

  Business Growth Grant Scheme Mansfield

  Business Grants and funding Scotland

  You can select any business growth grant scheme based on your area of operation and apply online. Don’t forget to check the eligibility before applying.

• New Enterprise Allowance: As the name suggests, the New Enterprise Allowance is for young entrepreneurs who plan to start their businesses. Get the funding through this scheme if you are older than 18 and have an amazing business idea.
• Universal Credit: This is a great scheme for job seekers and entrepreneurs with no source of income. This support allowance covers living expenses. You can avail of the funding every month by applying at Universal Credit.

No matter what business idea you have, it’s time to make that happen. Avail small business grants UK 2022 to start your own business.

Grants to support the growth of small businesses

Turing a start-up into a growing business isn't easy. Small start-up owners often cannot expand their business due to the lack of funding. Here are the best small business grants UK 2022 for small business growth.

• Grants for apprentices in small businesses: You can avail financial help from the UK government to train your apprentices. The scheme states that you don’t have to pay the apprenticeship levy with less than £3 million yearly income. The UK government pays 95% share directly as per the payment schedule of the employing an apprentice scheme.
• Grants for installing business equipment: Businesses operating in rural areas can get vouchers for the cost of equipment installation. The vouchers are worth the value of £3,500 for small businesses. You can check your eligibility at Gigabit Voucher Scheme.
• Grants for air quality improvement: The government of the UK gives this funding to the local authorities planning to create clean air zones in England. You can avail of the air quality grant scheme funding if your business is working on air quality improvement.

Any restrictions for small business grants funding?

As mentioned above, different small business grants UK 2022 have different requirements. For example, some grants are for specific regions across the UK. Some are for small business owners to grow their business. So, you should apply for grant funding that suits your business requirements.

Conclusion

Many small business grants UK 2022 are open to apply, but only those that match your requirements. Ensure your business is edible for the scheme and follow the application process. You should get government-funded grants, if possible. Otherwise, you can choose grants given by non-profitable financial organisations across the UK.