Learn all about available business grants and how to take advantage
What are Business Grants and do you qualify?
Innovation Grants are one of the most sought after sources of funding as it typically doesn’t have to be repaid and allows you and your business to start or advance a project you are working on. This allows companies to explore ideas which they can eventually commercialise and grow the UK economy by hiring additional staff and potentially scaling up and selling their products and services internationally.
Counting King’s Grant / Bid Application service helps companies all over the UK to locate available funding and apply with confidence.
We help companies increase the odds of securing vital funding to start businesses, develop products or grow your business and take it to the next level. There are many sources of funding available for start-up businesses right through to larger established businesses. The UK Government has created several initiatives to assist with injecting vital sources of funds into the economy and stimulate growth.
Find grants and apply
How Counting King Can Help You With Grants
By working with a dedicated Business Funding Consultant, you will not only see what grants are available, saving you valuable time. You will also be able to ask relevant questions and get assistance.
Start Up & Small Business Grants – UK
The funding landscape for the UK is ever changing and constantly updating. There are key areas in which you can identify opportunities.
Some of the most recognisable business grant sources are below:
Business Grants Explained
A business grant is a source of funding awarded to a company to aid in achieving a specific goal. This could be development, growth or expansion. The money could be used to invest in training, equipment/machinery or expanding into new markets. The purpose of a business grant is to achieve your goals and stimulate the economy. Grants do not need to be repaid which makes them extremely attractive.
Business Grants in the UK
Each country within the UK has its own mechanism of providing support and funding. Counting King partner with many of these organisations to inform clients of what is available and the best person to contact.
England works with 38 Local Enterprise Partnerships across the country to distribute funding and resources as efficiently as possible.
Each one works slightly differently and distributes grants for a variety of reasons.
Scotland has 3 main areas of support depending on your location. Scottish Enterprise Highlands and Islands Enterprise Local Authorities / Councils
For additional information you can review the Scottish Government website for up-to-date funding.
Wales has its own separate website from the UK although most people search on the UK one. It has specific regional information. The Welsh government website is a great place to find up-to-date and key information for funding and the application process required.
Northern Irish Grants
For businesses based in Northern Ireland, the government has a dedicated website, nibusinessinfo.co.uk which provides resources, funding sources, and information on how to apply. You just have to search for Grants on the home page.
In the March 2021 Budget, a £5 billion Restart Grant fund was unveiled to offer up to £6,000 per premises for non-essential retail businesses and up to £18,000 per premises for hospitality, accommodation, leisure, personal care and gym businesses.
The scheme aims to give businesses the financial certainty required to plan ahead and relaunch trading in coming months. Support is likely to be provided until 21 June 2021, when it’s hoped that all coronavirus restrictions will be lifted.
No, you won’t need to repay the amount awarded through a business grant, nor will you need to pay interest on it. However, most grants will require a level of matched funding for the project.
Yes you can. Although many grants are geared towards businesses that have been trading for one to two years or those that are more established, there are a number of grants specifically tailored towards businesses yet to start trading.
Yes – because you won’t be expected to repay grant money (as you would with a loan), bad credit shouldn’t be a problem.
However, it’s important to thoroughly check the general terms and criteria – such as business size, grant purpose, location and industry type – before you apply to make sure you qualify.
To make your application worthy of receiving funding, it’s important to do all the necessary preparation. As part of this, you’ll need a solid and realistic business plan with sales projections, cash flow and loss forecasts. Your business plan should be tailored for the grant you’re applying for and, if you are already trading, you’ll need to provide bank statements as evidence of your finances.
Always prepare your application as early as you can to ensure you don’t miss the deadline. It’s worth getting a second opinion from a mentor, senior colleague or expert and be sure to proofread and spell check your application before submitting it.
Innovation funds are grant funding programs that offer financial backing to organisations and groups that are looking to research and develop a process, product or service, test innovative ideas and/or collaborate with other organisations. If your business has a focus on innovation or you are trying to bring a new product to the market, innovation grants could be a good option to explore.
The Smart Grant is Innovative UK’s ‘Open grant funding’ program which seeks ‘the best game-changing and commercially viable innovative or disruptive ideas’ from almost any industry. All proposals must be business-focused. The competition usually runs three to four times a year and project costs range from £25,000 to £2 million.
Yes, you can claim both. In fact, if you receive a grant, it’s likely that at least some of your development work will qualify for R&D tax credits. However, being awarded a grant will have an impact on your R&D tax credit claim, so it’s important to plan carefully and seek expert advice before proceeding.
Cash grants are usually taxable because they are classed as a form of income. This means that once you have subtracted the relevant allowances and expenses, the sum left over will be liable to tax.
COUNTING KING GRANT SPECIALISTS
Found a grant that you’d like to apply for? Or maybe you’re looking for another funding stream not featured on our website? Not to worry, get in touch with us today and one of our grant consultants will be able to advise you on the best grant available for your business.