Support grants for small businesses: Are you missing out?

What is the difference between a grant and a loan?

The simple answer is that you’ll need to pay back a loan but not a grant. However, some grants require the same amount to be invested by the business who is receiving it. So, for a £5,000 grant you’ll need to invest £5,000 too.

How to apply for a small business grant

Every application will differ depending on the value, its requirements and the awarding body, but here are some useful tips that should set you in good stead regardless:

• Speak with the awarding body

This should be your first port of call. Here, you can introduce yourself and your business and ask what exactly they are looking for from applicants.

• Create a detailed business plan

A business plan is something that you will benefit from creating regardless of grant applications. If you have one already, it is important to tailor it to each application. For help getting started with a business plan, Simply Business has a great step by step guide and templates.

• Explain how the grant will be used

Try to be as specific as possible and link back to the information you gathered when speaking to the body. Think about how the grant will help your business grow or if the grant creates jobs, how you can support the new employees.

• Apply as early as possible

Awarding bodies only have a certain amount of grants to give out so make sure you don’t miss out by being too slow. Set up Google alerts as a way to stay abreast of information relating to your specific industry.

Which grants are available?

There are hundreds of different support grants available for small businesses in the UK, too many to list but here are a few common ones:

• Innovate UK
• R&D tax reliefs
• Coronavirus support packages
• Grants for unemployed entrepreneurs
• Grants for taking on an apprentice
• Grants for installing high-speed broadband
• Air quality grant schemes

For a comprehensive list of support for your small business, the government has a database on their ‘Finance and support for your business page.’ You can search for specific grants and filter by sector, region and the stage your business is at.

Small businesses are the lifeblood of the UK and make up a substantial portion of our customer base across our nine business centres. Support grants are a great way to scale your business. So get involved, because we always enjoy seeing our customers grow and develop at Capital Space .