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Small Business Grants 2024
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Introduction
Launching a small or startup business in the UK can be an exciting venture, and securing financial assistance through business grants can significantly ease the initial financial burden. These grants, provided by both government entities and private organizations, are designed to support entrepreneurs in covering the necessary expenses associated with starting a business. Importantly, most business grants do not require repayment. Usually, all business grants require the applicant to prepare a sustainable and financially viable business plan.
If you need help writing a business plan, please read Fusion Accountants’ article “How to write an effective business plan for your startup”.
Government Grants for Startups
Innovation Grant: Igniting Creativity with Innovate UK EDGE
Innovate UK focuses on supporting innovative business ideas across various sectors. Eligibility criteria include a significantly innovative project idea with market potential. Funding is project-specific, with varying amounts granted based on the project’s scope. Recipients benefit from coaching, guidance in business strategy development, and access to experts through networking events. For more information, please contact Innovate UK.
Research and Development Tax Credits: Fueling Technological Advancements
This scheme caters to companies involved in credible research and development projects in technology or science. Eligible companies receive cash payments during periods of loss and no profits, along with tax relief.
If you want to know more about this funding opportunity and how Fusion Accountants can help, please read our article on Claiming research & development (R&D) tax credits.
Regional Growth Fund: Tailored Economic Boosts
Different regions in the UK have their own growth funds to promote economic growth and create job opportunities specific to their areas.
Private and Charitable Grants:
The National Lottery Heritage Fund
For projects focused on heritage sustainability, The National Lottery Heritage Fund offers investments in cultural projects, museums, and historic buildings and places.
For more information, please visit Creative Scotland.
The Prince’s Trust: Empowering Young Entrepreneurs
Designed for individuals aged 18 to 30, The Prince’s Trust empowers young entrepreneurs through educational opportunities, skill enhancement, and the “Youth Can Do It” campaign.
For more information, please visit Princes Trust
Local Enterprise Partnerships (LEPs): Collaborative Local Support
LEPs involve local businesses collaborating to provide support, guidance, and funding tailored to specific projects and areas. For example The New Anglia LEP, OxLEP.
Please visit the Small Business websitefor more information on a comprehensive list of available small business grants.
Conclusion
Navigating the landscape of business grants in the UK requires an understanding of available opportunities. Whether through government initiatives like Innovate UK, and Research and Development Tax Credits, or private and charitable options like The National Lottery Heritage Fund, The Prince’s Trust, and Local Enterprise Partnerships, entrepreneurs can find diverse avenues of financial support to turn their business dreams into reality. Explore, apply, and embark on your entrepreneurial journey with confidence.
If you are looking to start a small business and need help in accounting and tax for your business, trust Fusion Accountants to be your reliable partner in navigating the financial landscape of your business. Let’s build your success story together – get in touch with Fusion Accountants today.
