Starting and sustaining a small business is no easy feat, the availability of grants can be a game-changer for aspiring entrepreneurs and existing businesses alike. Read on for our comprehensive list of grants available for small businesses in 2023.
Why Grants are Useful:
Small business grants offer invaluable financial support and open doors to opportunities that might otherwise remain out of reach. These grants are designed to help entrepreneurs kick-start their ventures, expand existing operations, and research and develop innovative products or services.
The Difference between a Grant and a Loan:
Unlike traditional loans, grants provide non-repayable funds, meaning you won’t be burdened with additional debt or interest payments.
Grants are typically awarded based on specific criteria, such as business sector, geographical location, innovation potential, or social impact. They are intended to support businesses in achieving specific goals.
Where to Search for Other Grants:
Aside from the grants we’ve specified below, numerous resources can help you explore additional funding opportunities for your small business.
In the UK, several reputable platforms, websites, and organisations aggregate information on grants. Websites such as Grantfinder, Gov.uk, and Business Finance Guide offer comprehensive databases of grants and funding options available to businesses in various industries and sectors.
Local business support networks, chambers of commerce, and trade associations can also provide valuable guidance and information on grants specific to your region or sector.
2023 Available grants for Small Businesses:
At the time of writing, here are the available grants for your small business, there may be more national or industry-specific grants available which can be found using grantfinder.co.uk
- Seed Enterprise Investment Scheme (SEIS): Offers a maximum of £150,000 in tax reliefs for individual investors in your business.
- UnLtd Awards: Offers funding of up to £15,000 for social entrepreneurs or social ventures.
- Innovate UK: Grants and Loans up to £10 Million for businesses that develop ground breaking technology such as AI and clean growth.
- Prince’s Trust: For young people aged 18–30, who want to start and run their own business. This grant offers funding, resources, training and mentoring.
- Local Enterprise Partnerships (LEPs): Local authorities and businesses have established voluntary partnerships to provide guidance, funding and support in their regions, helping you find local financial grants.
- GigaBit Voucher: for rural businesses looking who are in need of funding to get faster broadband to their area.
- Heritage Enterprise: For businesses looking to restore neglected historical buildings and put them to use.
- AH Fund: Grants up to £35,000 for businesses looking to restore neglected historical buildings in cities.
- Research and Development tax reliefs: The R&D Tax Relief scheme allows SMEs working in sectors that are dependent on R&D to apply for a reduction in research and development expenses.
Remember to explore different resources, such as grant databases and local business support networks. Keep searching for funding opportunities that align with your business goals. With the right grant, you can take your business to the next level.