Are Business Grants Beneficial?

Are Business Grants Beneficial?

Due to their credibility and highly competitive nature, if awarded a grant, it is viewed as a great achievement, one which makes organisations seem reliable and trustworthy. Thus, putting companies in a better position to secure funding in the future if needed. Alongside this, winning a grant increases the visibility of your work and helps it get noticed more. This not only assists with gaining credibility by investors and organisations but also by clients or potential leads.

Nonetheless, grants can be very time-consuming and as mentioned above, highly competitive. Applying for business grants can be very taxing and gruelling, as much research is required to decide if you’re eligible for the grant. Not only this, the application process can be equally tiring to complete, as it can take many months to finish the application. In addition to this, albeit you don’t have to repay the money, grants involve a lot of restrictions and conditions. Since you are contractually bound, it is imperative that when planning how to spend the money, you are very specific, and you stick with your plan.

Other Available Grants

Here is a list of small business grants available in the UK, both from organisations and government.

Innovate UK

They offer government grants to ‘develop and realise the potential of new ideas, including those from the UK’s world-class research base’. Read all about Innovate UK’s small business grants.

R&D Tax Relief

Research and Development (R&D) tax relief helps companies who are looking to develop or research advancements in their industry, even if their project was unsuccessful. R&D tax relief helps reduce your tax bill by claiming relief on things that correlate to your research project, for example, project utilities and material and staff wages.

Here is a guide to better understanding the R&D tax relief and more on what the R&D project is.

Gigabit Broadband Voucher Scheme

These vouchers can be utilised towards the cost of installing gigabit broadband connections. SMEs are eligible for these vouchers and can claim £3,500 towards the cost of broadband connection.

Prince’s Trust Enterprise Programme

The Prince’s Trust offers development awards to young people, to help and support them kickstart their businesses. Currently, Prince’s Trust provides development awards which range from £175-£250 for individuals based in the UK and aged between 16-30. These funds are used by people who need money for training.

To be eligible for this, you must fit the following criteria:

• Currently unemployed or working less than 16 hours a week and have an interest in exploring whether self-employment is the right fit for you
• Studying less than 14 hours a week
• Aged 16-30 and are a UK resident

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£25,000 Business Boost

Simply Business, one of the UK’s largest business insurance and landlord insurance providers has launched their ‘Business Boost’ competition. This giveaway is for small businesses, offering them the chance to win £25,000 to start or expand their business. It’s simple to enter, all you have to do is fill out their online form (provided in the link above) and tell them why you think your business should win. Hurry, the deadline to enter is 17^th August 2022.

Women In Engineering Grant

Get it Made has launched a female-led engineering grant to support and encourage the next generation of women in UK engineering. The winner of the grant will receive £10,000, which is utilised to help them scale up production and grow their business. To have the chance to win, the leader of the organisation must be female, they must have less than 10 employees and their business must be within the UK engineering industry. The deadline for the application is midnight on the 31^st of July 2022.

U.S. Grants

When looking for government grants, begin your search with Grants.gov. This is a federal government site that has a comprehensive database of government small business grants. There is an abundance of grants available, with much opportunity for businesses and organisations within various industries.

Alongside the grants available on Grants.gov, there are countless other local and state government grants that can be utilised:

• 500 Global Flagship Accelerator Program: This grant is available to small businesses and start-ups who are looking for funding. This program doesn’t adhere to rigid deadlines; thus, it is open all year, on a rolling basis. The program offers founders much information about growing and expanding a business, as well as $150,000 investment.
• The Barstool Fund: This grant is available to small businesses who were adversely impacted by the pandemic. This is another program that operates on a rolling basis.
• Small Business Digital Ready Program: Partnering with Verizon, National ACE has developed a program for small businesses to succeed in today’s digital world. This free online curriculum includes learning modules, peer networking, expert coaching and various other resources aimed at supporting small businesses. Companies that register for the program and take two courses are eligible for a $10,000 grant. This is another opportunity that operates on a rolling basis.
• Amber Grant Foundation: With the aim of supporting and championing women entrepreneurs, the Amber Grant Foundation awards a $10,000 grant each month to businesses. In addition to this, an additional $25,000 is awarded each December.

EU Grants:

In order to reduce disparities in wealth between European regions, the EU Cohesion policy was created. It targets all cities and regions within the EU and supports job creation, economic growth, sustainable development, business competitiveness and enhancing their citizens’ quality of life.

Helping and supporting SMEs is important within the cohesion policy, with each EU country being responsible for the management of cohesion funds within their own territory. 

Here is a list of grants available in the EU:

• The European Commission offers grants to projects that further the interest of the EU. SMEs and other businesses can apply to these grants through the EU funding programmes.
• EIC Accelerator: To grab the organisations attention, ensure you write up a strong business plan and a unique concept that is useful to society. Winners can receive up to 2.5 million EUR and mentoring from top experts.
• Competitive of Enterprises and SMEs (COSME): The aim of this program is to offer and provide international competitiveness and equal opportunities to small businesses within the EU. With assistance from COSME, the lucky SME can receive up to 150,000 EUR.