Business Start Up Grants
What is a business start up grant?
A business start up grant is only available to newly started businesses. Typically ranging from 0 to 2 years. The startup grants are designed to help startups grow faster and to increase the chances of long term business success.
Where can i find business startup grants?
who can apply for business startup grants?
Types of business eligible to apply for a start up grant include sole traders, partnerships & limited companies. The startup grant is based more on your business idea & business plan, rather than how you choose to set up your company.
What is a business start up?
A start up business is a brand new business, or it could be a subsidiary or stand alone business that sits alongside your existing business.
Types of start up businesses range from childcare to web design and everything else in-between. You will not be judged on the type of startup business, rather how you will make it a success. That’s why the grant administrator will need to see a detailed business plan, a realistic marketing plan and proof that you’ve started the business.
Is the business startup grant free?
The start up grant will be free and you won’t need to repay it so long as you meet the criteria. However most grants are match funded, which means you may have to put some of your own money towards your startup business costs. For example if you got a start up grant for £500 you would need to put the other £500 towards your project yourself. You will need to provide evidence of what the grant money will be spent on. Grants typically cover upcoming costs, rather than money already spent. They rarely cover wages but may cover other set up costs. Grant criteria varies.
is there any other financial help for business start ups?
Is there anything else I need to know?
Your business start up will need to be trading [in most cases] otherwise it will be classed as a pre start business.
You will need to have registered your business with HMRC and be able to provide a unique tax reference number [UTR], or have registered your company as Limited.
The business start up grant amount is typically less than for more established growing businesses as you will have less of a track record and will be seen as more risky.
But every little helps when you start out so make sure you apply for any suitable start up grants.
Start up grants typically range from £250 to £5000. With the average below £1000. For high tech businesses there are larger grants. Typically these are for highly innovative start ups with existing investment funds.
For non profits, social enterprises and charities – there are numerous grant opportunities.