You may need access to funding to grow your business – to buy equipment, employ staff or cover marketing costs.
Use our blog series to learn about the finance options available and the advantages and disadvantages of each method.
Part 7: Grants (Non-Repayable Finance)
Grants are funding given by government and organisations to support new and existing businesses in certain economic sectors or localities.
For example, start-ups in an economically deprived area; businesses addressing under-representation of minority groups in a sector; or companies tackling green issues.
Grants range in size from £100 to £500,000 and more. Usually, the larger the grant, the more complex the application process is.
Each UK grant has different criteria for businesses they will fund. These change quickly so be sure to check their websites for latest offerings.
Advantages of Grants
- Do not have to repay the funds
- Keep ownership of your business
- Non-monetary support such as expertise, offices and resources
