Grants Available for UK-based Small Businesses

If you’re a small business in the UK then there are a range of grants that could be available to you to help you grow. The UK offers a broad spectrum of financial support for small businesses, with an even bigger selection of options if you’re focused on a specific area like innovation. Below you’ll find a selection of some of the grants that are available for UK-based small businesses.

Where to find funding for UK-based small businesses

Innovate UK – If you’re a small business working on innovative projects then Innovate UK could be a useful source of funding. These are government grants that are designed to “develop and realise the potential of new ideas, including those from the UK’s world-class research base.”

R&D Tax Credits – For businesses that are investing in research and development to uncover an advancement in their industry or field, R&D tax relief can be a form of funding. Successful claims receive a reduction in the corporation tax bill.

Apprentice Grants – Having an apprentice can make a big difference to a small business – and offer an opportunity for someone at the start of their career to build confidence and experience. The UK government offers a range of financial help to those small businesses that are willing to take on, and train, apprentices.

Small Business Grants for Young People – If you’re a UK-based small business run by someone under the age of 30, The Prince’s Trust provides funding and resources, as well as mentoring and support. One example of the support provided is the Enterprise Course, which provides information sessions and workshops that are designed to help with launching a business. There are also low interest business loans available to those who meet the age criteria.

New business grants – The National Lottery Fund supports a very broad range of different projects and businesses with often-significant grants. Any organisation can apply for a grant. However, it’s worth noting that in 2023, the fund is prioritising those projects that are focused on diversity, inclusion, wellbeing as well as those that support the local economy and encourage skills development.

How to apply for business grants

• Get as much information as possible from the body awarding the grant – Talk to them, look at the website, and speak to previous applicants. Make sure that your application is tailored to the criteria that they are looking for, so you have the best possible chance of success.
• Create an in-depth business plan – Grants for businesses are only given to those enterprises that can show a viable financial plan so it’s essential to make sure this document is accurate and convincing. You will also need to have a cash flow forecast, either in the business plan or separately.
• Be clear and specific about how the money will be spent – Where will you use the funding and how will it impact how you grow your business?
• Get your application in early – There’s nothing more frustrating than spending time and resources on an application and then missing the deadline.

SPRK Grant Advance Funding can support your company with access to capital to fund your innovation spend. SPRK lends against the projected grant-covered costs enabling you to access capital to complete grant milestones. We can advance fund each quarterly or milestone payment at the start of each period to reduce your capital requirements by up to 60%.

We can even help by providing financing terms to assist your grant application. The process is online and easy with straightforward fees, giving you the opportunity to make your capital go further, retain equity and power your innovation.