The United Kingdom government offers a range of grants and funding options for small businesses to help them start, grow, and expand. These programs are designed to support small businesses in particular, in various sectors, including manufacturing, technology, tourism, and renewable energy. In this article, we will explore some of the most popular grants and funding options available to small businesses in the UK, and how you can go about applying for them!
Funding Options For Small Businesses
One of the most popular funding options for small businesses in the UK is the Small Business Grant Scheme (SBGS). This program is aimed at small businesses that are looking to start, expand, or modernise. It provides funding of up to £3,000 to eligible businesses, which can be used for a variety of purposes, including buying equipment, hiring staff, or developing a new product/service. To be eligible for the SBGS, a business must have fewer than 50 employees, and must have been trading for at least 12 months.
Another popular funding option is the Regional Growth Fund (RGF). This fund provides funding to businesses that are looking to create jobs and boost economic growth in specific regions of the UK. This fund is open to businesses of all sizes, and can provide up to £1.5 million in funding for eligible projects. To be eligible for RGF, a business must be located in one of the specified regions, and must be able to demonstrate how the funding will be used to create jobs and boost economic growth in the area.
The government also offers a range of sector-specific funding options for businesses in certain industries. For instance, the Advanced Manufacturing Supply Chain Initiative (AMSCI) provides funding to businesses that are working on advanced manufacturing projects, such as developing new technologies or improving existing ones. The AMSCI provides funding of up to £4 million for eligible projects.
The Green Business Fund (GBF) is yet another sector-specific funding choice. Businesses working on renewable energy and energy-saving projects are the target audience for this fund. The GBF provides funding of up to £100,000 for eligible projects, and can be used for a wide range of purposes, such as buying equipment, hiring staff, or developing a new product or service.
Things To Take Away
Small businesses in the UK have access to a variety of grants and funding options, each with specific eligibility requirements and application procedures. To determine which option best meets your company’s needs, it is worthwhile to investigate the various available choices. Business owners should also be familiar with the details of the grant or funding program they are applying for and be able to clearly explain how the money will be used to support the growth and development of their company for better chances of success.
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