Small businesses provide valuable economic support for the UK, and there are therefore a number of grants which can be taken advantage of to help them on their way. If you’re the owner of a small business, consider whether these generous grants could help launch or extend your enterprise.
The Princes Trust
Probably the most well-known provider of small business grants in the UK, the Princes Trust has been offering financial assistance for entrepreneurs since 1976. Its Enterprise Program doesn’t just provide grants, it also provides mentorship opportunities for business owners, something which is often far more beneficial than added money.
The Princes Trust aims to support the UK’s younger entrepreneurs, so individuals must be 18-30 years old in order to apply for these grants. A single entrepreneur is typically offered £1,500, though a business group may be able to secure a grant of £3,000. You could also seek out a £250 test marketing grant to help prepare for launch.
Heritage Lottery Fund Start-up Grants
The Heritage Lottery Fund offers start-up grants with either those currently running a non-profit organisation or entrepreneurs who are about to start a new business. Their start-up grants offer from £3,000 to £10,000 for new organisations which are seeking to either support and maintain heritage, or engage local people with it. If your business falls within this criteria, then the Lottery fund can even offer ongoing support; grants are also available to help extend new projects.
Government Funded Start-Up Loans
The government will always be willing to help support small businesses, and has so far invested over £50 million in 10,000 start-ups from all across the UK. These government funded loans can offer up to £25,000 to new businesses, with 6% interest and an offered 12 month repayment holiday to allow enterprises the proper amount of time to turn into thriving endeavours.
These are just a few of the loans currently available for small businesses, with many other lucrative options focusing on niche industries or certain geographical areas, so it’s always worth investigating your own options further.