Posted on 12/24/2018 in Capital Funding

How To Get Business Grants Funding

How To Get Business Grants Funding

As a business owner you can ensure that your business network is aware that you would be interested in business grants or funding opportunities so that you can receive regular updates as well.


There isn’t one easy central collation of schemes. Partly due to different short termism of many funds and because they vary across the country and sectors. The best one I’ve found so far is the government’s one.


I would group funding available into three categories:

  1. Business Grants – These are subject to application and approval and do not need to be repaid.
  2. Funds/Loans – Often money available sounds like a grant but in reality has to be paid back, as it is essentially a loan. Sometimes they can be partially non-repayable.
  3. Tax breaks – These may be short term lower tax rates or specific rebates.

The following is not a definitive listing of all current funding available, however, it includes the funds that I am aware of and that could be applicable to your business at a summary level at the time of writing.


Business Grants

Most business grants come from the government, EU, NGOs or local councils.


Growth Accelerator Fund

This is partial funding for fast growth businesses. The funds are to be used for training and development of senior management. This has to be applied for and is usually best to apply in tandem with the training provider that you are going to use growth accelerator.


Regional Growth Fund

This has been a really good fund in this region, as it has been available for businesses who are buying large capital purchases, and pays for part of it. However, the funds are leaked out gradually to regions in small pots, so often by the time we know there is a new pot available it has already gone. This is often distributed via the banks and their leasing arms so we usually hear about the latest pots for this. If you do need any large capital items, this is a great fund to tap into, however, may not be available at the point you need the equipment.


Sustainable Development Business Grants

There are often sustainable development business grants available, as they are popular for European Regional Development funding. Here is one that I’m aware that offers a grant of £1,000 to help businesses cut travel.


Apprenticeships

If you take on an apprentice you could potential be eligible for a £1,500 grant and their training will be paid for. Apprenticeships can help businesses across all sectors by offering a route to harness fresh new talent. Apprentices learn on the job, building up knowledge and skills, gaining qualications and earning money all at the same time.


Enterprise Finance Guarantee (EFG)

EFG is the current government guaranteed loan. Banks are supposed to promote this but often don’t as they don’t like the extra paperwork. The upside of this loan that it is largely guaranteed by the government, but it can be a little more expensive.


Blog Post Courtesy of Nicky Goringe Larkin, Business Advisor.

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