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Business Grants

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Looking For Funding? Here Are Some Of The National Grants Available For Your Business

At Nextfin, we understand that trying to raise funds for your business can be a daunting exercise. Business grants are by far the most attractive source of funding for any new or existing businesses. This is because there’s no need to pay it back, there’s no interest to pay, and you don’t have to lose any equity to an investor. Whether starting out, or already established, we have compiled a list of national grants available for your business.

Grant Details Eligibility Region How To Apply
Small Business Grant Fund (Coronavirus)

There are four schemes available, each for the countries of England, Scotland, Northern Ireland and Wales. The schemes are all based on providing grants to businesses that occupy a premises (owned and rented) and receive a form of rate of relief.

Funding amounts awarded to grant recipients vary depending on the individual grant.

UK-wide

For more details, including how to apply, visit the government’s business support section.

Retail, Hospitality and Leisure Grant Fund (Coronavirus)

A scheme that provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.

You are eligible for the grant if your business is based in England and your business is in the retail, hospitality and/or leisure sector.

UK-wide

For more details, including how to apply, visit the government’s business support section.

Employment Retention Scheme (Coronavirus)

If you cannot maintain your current workforce because your operations have been severely affected by coronavirus, you can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus Employer National Insurance contributions and pension contributions on that subsidised furlough pay.

To be eligible, you must have created and started a PAYE payroll scheme on or before 19 March 2020.

UK-wide

For more details, including how to apply, visit the government’s business support section.

Self-employed Income Support Scheme

This scheme will offer those who are self-employed a taxable grant of 80% of their average monthly profits over the last three years, up to a maximum £2,500.

To be eligible for a grant, those who are self-employed need to have a trading profit of up to £50,000 and earn the majority of their income through self-employment.

UK-wide

For more details, including how to apply, visit the government’s business support section.

Apprenticeship Grant

This grant supports employers in offering work and training to young individuals through the government’s apprenticeship programme. The quantity of funding you receive depends on the type of business and the criteria met.

To be eligible, you must among other things, prove you are not able to recruit an apprentice without the grant, have fewer than 50 employees in the UK and agree to pay the apprentice in line with legal minimum requirements or more.

UK-wide

To discuss eligibility you can call 08000 150 600, or visit the government’s dedicated page on apprenticeships

Gigabit Broadband Voucher Scheme

The government launched the scheme to support the transition to an entire fibre optic nation. Small businesses can get up to £2,5000 in funding to cover the cost of having a Gigabit connection installed.

To be eligible, you must take a new broadband connection which meets the Scheme rules agreed to by your supplier.

UK-wide

To read more on eligibility, you can view the criteria here. You can apply for the scheme here.

CRACK IT Challenges

This represents a fund to support challenge-based competitions which encourage a partnership between educational institutions and SMEs to find solutions to business and scientific while delivering economic benefits. Depending on the challenge contract, the funding award can be up to £1,000,000 over three years.

There is a two-phase challenge which is run using the Small Business Research Initiative process. The competition is open to any European Union (EU) body. The lead applicant must be EU based.

EU-wide

For more details on eligibility, visit NC3Rs. Although applications are now closed, you can register for updates on new openings.

EUREKA Eurostars

This is a European Union project led locally by Innovate UK. The grant provides funding for the development and research of innovative services, products and processes. The programme can provide 60% match-funded grants with up to 360,000 Euros available.

You must be a small to medium-sized business in the UK operating in the tech industry and have the intention of collaborating with other European companies

EU-wide

You can apply for the scheme, here.

Horizon 2020

A large EU fund of 79bn euros intended to support SMEs across Europe. In the UK, funding can be accessed through the UK government. Funding can be used for a variety of purposes including creating access to technology and science

To apply for a funding opportunity you must be a registered business, charity, partnership or research organisation that has legal standing.

EU-wide

For more details on what funding is available, and to apply for the scheme visit the government’s website.

R&D Tax Credits

This scheme allows you to claim back a proportion of development costs in cash each year. On average, businesses can generally claim back up to 32% in research and development costs.

Businesses can claim R&D tax relief if they’re an SME with less than 500 staff and a turnover of under 100m euros.

UK-wide

For more details on the scheme as well as how to apply, you can view the government’s full guidance, here.

Tradeshow Access Programme

This programme helps UK businesses to promote themselves abroad by offering grants which enable companies to visit trade shows overseas and assisting them to gain market knowledge. The Tradeshow Access Programme offers grants between £500 and £2,500 in value. You must match 100% of the grant received from Trade Challenge Partner towards the cost of attending or exhibiting at the tradeshow.

To be eligible, a business must already be an SME and exploring export opportunities. Exports must also account for less than 25% of a business.

UK-wide

Applications must be made 8 weeks before the start of the event. To apply, contact the TAP Trade challenge partner organisation leading the trade show. This can be found from the calendar of supported events.

Knowledge Transfer Partnerships (KTP)

KTP grants are awarded to businesses that employ recent graduates working on innovation projects; graduates must be working in coordination with and under the supervision of a research partner. Knowledge Transfer Partnership grants cover up to 67% of project costs; larger businesses may only apply for up to 50%. A limit on the financing is not stipulated but is assumed.

A KTP is part-funded by a grant. You will need to contribute to the salary of the Associate who will work with your business, plus the cost of a supervisor who will oversee the scheme.

The amount you will need to contribute depends on the scale and length of the project. It will also depend on the size of your company.

UK-wide

More details can be found by visiting the government’s website. To apply, you must find and contact your local KT advisor using the government’s directory.

New Enterprise Allowance

A grant fund dedicated to supporting unemployed persons in becoming self-employed and running their own business. The scheme provides a grant in the form of a weekly allowance of up to £1,274 over 26 weeks.

You are likely eligible if you or your partner are receiving any benefits (JSA, UC, or SA)

UK-wide

To apply for the New Enterprise Allowance, you will need to talk to your local Jobcentre Plus work coach.

British Council Grants

The British Council issue grants on a rolling basis through the Newton Fund. The Newton Fund fosters innovation and research collaborations with partner countries by providing grant funding for research, workshops and travel.

Funding amounts awarded to grant recipients vary depending on the individual grant.

UK-wide

You will find a list of the latest Newton Fund programmes on the funding and other opportunities page

Patent Box Relief

A tax relief scheme allowing profitable startups and small companies to almost halve their corporation tax bill in some cases.

This tax relief aims to support innovation in the UK. Therefore, your company will need to own or have exclusive licenses for the rights to a patentable product to be eligible

UK-wide

To apply for Patent Box Relief, visit the government’s website.

Unltd Social Enterprise Funding

Based in the UK, Unltd has become a global investor for social entrepreneurs. They run a range of grant, support and award programmes to support entrepreneurs from setting up a new venture to scaling an existing business.

Funding amounts awarded to grant recipients vary depending on the individual grant.

UK-wide

For more details on this scheme, vist UnLtd or fill out a contact form.

Grow It Awards

The Grow It Awards are for social entrepreneurs intent on growing their venture and seeking tailored support, expertise and further funding; this award replaces Unltd’s previous programme of Fast Growth and Build It Awards.

To be eligible, you will need to meet the Unltd criteria as an entrepreneur and as a venture.

UK-wide

For more details on this scheme, vist UnLtd. Applications are by invite only, more information can be found here.

Energy Entrepreneurs Fund

A grant funding programme to support the advancement and presentation of cutting-edge technologies, processes and products in the core sectors of power production. Phase six of the fund has recently been launched and is worth over £10 million

Given the aid intensity rules, applicants will need to have private funding in place to cover the balance of the eligible costs. Such funding may come from a company’s own resources or external private sector investors, but may not include funding attributable to any public authority or EU institution.

UK-wide

For more details, including how to apply, you can access the government’s guidance here.

Industrial Partnership Awards (IPA)

The IPAs promote collaboration between industry and academically inclined research organisations in academic-led projects.

In order for an application to be eligible under the IPA scheme, industry partners must make a cash contribution that is at least equivalent to 10% of the balance of the project costs minus the industry contribution.

UK-wide

For more details on eligibility criteria, as well as information on how to apply, visit IPA’s website

Business rates relief

There are several core types of business rates relief which can reduce or even exempt your business from paying business rates. These include small business rates relief, hardship relief, enterprise zone relief, charitable relief and rural rate relief. Up to 100% reduction is possible in business rates payable.

Eligibility criteria depends on the amount of business rates and the different types of rate relief.

UK-wide

For more details on how to apply for business rate relief, visit the government’s website.

Innovate UK Smart Grants

Innovate UK, part of UK Research and Innovation, will invest up to £25 million in the best game-changing, innovative or disruptive ideas with a view to commercialisation.

Any UK business claiming funding must be eligible to receive state aid at the time we confirm you will be awarded funding. If you are unsure please take legal advice.

UK-wide

The scheme reopens on 25 July 2020. For further information on how to apply, visit the government’s general guidance page.

Trusthouse Charitable Foundation

This foundation provides support to large UK organisations who can solve local issues in areas of significant urban deprivation or isolated and vicarious rural communities. Grants fall into three tiers: up to £6,000, £6,001 to £12,000 and £12,001 to £45,000.

Because the foundation offers a range of grant funding programmes, eligibility criteria will vary. Typically, the foundation will require you to put up at least 50% of the total project costs to receive a grant.

UK-wide

For more details on eligibility criteria, as well as information on how to apply, visit the Trusthouse Charitable Foundation

Collaborative Grants Scheme

You could get from £25,000 to £5 million or more from Innovate UK to fund a research and development (R&D) programme. You could use this funding to test and develop a new product, process or service

To be eligible you must be a UK business or research organisation.

UK-wide

For more details on eligibility criteria, as well as information on how to apply, visit the Collaborative Grants Scheme section of the government’s website.

Launchpads

Launchpads grant funding competitions are for companies looking to turn new, innovative and exciting ideas into viable commercial projects. You can get up to £100,000 to turn an innovative idea into a commercial project. You can also get business support and coaching to attract private investment.

To be eligible for a Launchpads grant, you need to be a small or medium-sized business in the early stages of development, working in the technology industry

UK-wide

For more details on eligibility criteria, as well as information on how to apply, visit the Launchpads section of the government’s website.

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