Starting a new business is never been an easy process. You need to have solid information based on real facts and figures. Many factors play a key role in starting a business. The major key driver is the availability of finance. Even this factor is important for the existing businesses. Business Grants are one such source of finance for start-ups. The main luxuries of a business grant are:
- No interest on finance
- Your equity stake is secured
- You don’t need to pay it back
Difference between a Grant and a Loan:
Before moving forward, it is important to understand the difference between a grant and a loan. A loan is an agreement where a time is set to pay back the total amount borrowed. Apart from that, you need to pay an interest rate as well. However, in a grant, you don’t need to pay back the full amount and there is no interest as already mentioned.
However, finding the best source for your small business grant in the UK is challenging but not impossible. It requires some time and effort. To get the best option, you need to go through the list of available options and make a proper investigation to find the best that matches your needs.
In this article today, we’ll give you a list of the best providers of Small Business Grants as well as Young Entrepreneur Grants.
Young Entreprenuer Grants:
Some of the best sources for grants available to Young Entrepreneurs are:
Prince Trust Grants:
This Trust helps the Youth of the UK to develop their business. They provide finance to young entrepreneurs but also provide consultation services to better manage their business through their Enterprise program.
- The age limit is: 18-30 years
- The Grant amount ranges from £15,00 – £3,000
Spaces 4 Change:
This grant is ideal for those who want to change their local community. This grant is basically designed for social entrepreneurs. The main purpose of the grant is to motivate entrepreneurs to use under-utilized spaces in their locality into offices and retail outlets. To get this grant, they must have a clear roadmap with clear objectives and outcomes. People can apply as a group or as an individual for this grant.
Bright Ideas Trust:
The Trust’s main aim is to help young entrepreneurs aged between 16-30 with great business ideas. They help them set up their business, teach them business skills and provide funding. The Trust is basically a group of business leaders and successful entrepreneurs who have a passion to help young entrepreneurs.
This is one of the largest entrepreneurial mentoring organizations in the UK. They produced a market-leading program for young entrepreneurs aged between 18-30 years. They help them in the whole process starting from idea generation to growth to investment.
Small Business Grants:
Innovate UK Smart Grants Programme:
If you have a unique innovative idea that can positively impact the UK economy, then this program is best for you. They support ideas related to Research and development (R&D). Their main aim is to bring innovation to the UK economy.
Seed Enterprise Investment Scheme:
This scheme can provide a maximum of £150,000 grant to entrepreneurs. However, there are some strict conditions attached to the grant that you must need to fulfill. The grant is awarded for the three years running up to the date of investment.
Knowledge Transfer Partnerships (KTP)
KTP grant is available to those companies irrespective of their sie who employ recent graduates in their companies. The companies that employ graduates on research projects are eligible to apply for this grant. However, the amount of grants varies depending on the size of the business and the nature of the project. The graduate must have coordination and supervision of the research partner. The grant can cover cost up to 50% or more of the project.
British Council Grants:
The main aim of the British Council grant is to foster the economy of the partner countries by promoting innovation. The council provides grants through the Newton Fund. The grant covers the costs of the research projects, travel costs, and workshops. The aim of the grant is to support sustainable growth through research and innovation.
The National Lottery Community Fund:
The main aim of the fund is to bring social change through community or charity funding. They can provide grants ranging from £300 to £500,000. It was formerly knowns as Big Lottery Fund.
How to find Small Business Grants in the UK:
Finding the best source of grants for your business depends on the nature and size of your business. Apart from that, it also depends on your location in the UK and whether it is a startup business or you want to expand your existing business. You can find information on the grants available in the UK.
However, there are some other useful links depending on your location in the UK: