One of the smartest things a business owner can do when they want to add an influx of cash to their business is to seek business grants. They are better than business loans as you don't need to pay back the money (or the interest amount). They might have some conditions attached, but those conditions are simple to follow in most cases. In most cases, grants are publicly funded schemes that are offered to businesses by a charitable organization, a trust, or a government body. Here you can know about business grants available in the UK in 2022
Types of
Business Grants in the UK
There are many
types of business grants available in the UK. They are:
·
Direct grants- They are usually
cash payments and involve fund matching.
·
Resource and training grants-
These help you to invest in skills or get access to resources to initiate a
project.
·
Innovation vouchers- These
cover the costs of hiring an external expert or a consultant.
·
Local business support – Local
authorities offer these to support local businesses.
·
Business support networks -
Sometimes, other business owners – or retired business owners can offer help
regarding best practices.
·
Business support helplines -
You can get advice and financial help for your business from several government-backed
schemes. Read more here.
Tax Relief
Options
National
Insurance relief, Business rates relief, Employment Allowance, and Corporation
Tax relief are some of the options for businesses in the UK.
Where can I Find
Small Business Grants in the UK?
Small
business grants in England
If you live in
England, you can take the help of 38 regional hubs, details of which can be
found on the Local Enterprise Partnerships (LEP) Network website. These can
provide funding and offer advice to help boost your business.
Small Business
Grants in Scotland
Scottish
Enterprise can offer you a business grant if you meet the eligibility criteria.
You can also get a grant from the Highlands and Islands Enterprise or local
councils. The Scottish Government's funding advice page is really helpful.
Small Business
Grants in Wales
A Finance
Locator on the Business Wales website can help you look for grants your
business might be eligible for. Even the Welsh Government, the UK government,
local authorities, and charitable organizations might be willing to give you a
grant.
Small Business
Grants in Northern Ireland
Business owners based
in Northern Ireland can visit nibusinessinfo.co.uk to learn more about different
grant options. One of the options worth considering is Invest NI Innovation
Vouchers.
Get an
Extensive List Here
If you are
looking for an extensive list of business grants available in the UK in 2022,
you can find over 200 options here.
Words of
Advice
When you find an
eligible grant, please don't take it lightly. Fill out the required forms
correctly and follow all the steps in the application process. Be ready to
answer the grant provider's questions and be honest about it all. They will
spot a scammer easily and might bar them from ever applying for a grant again!
Sources:
https://businessyield.com/grant-opportunities/small-business-grants-in-uk/
https://bionic.co.uk/business-finance/guides/small-business-grants/
https://swoopfunding.com/uk/business-grants/