Starting a new business can be financially challenging, but there are various start up business grants available to help UK businesses get off the ground. Here are two common grants provided by HMRC that new business owners can apply for.
1. The Start-Up Loan Scheme
The Start-Up Loan Scheme is a government-backed initiative that provides personal loans for business purposes. New business owners can receive loans ranging from £500 to £25,000, along with free mentoring and support.
How to Apply:
1. Check Eligibility: Ensure you meet the criteria, such as being over 18 and planning to start a business in the UK.
2. Prepare a Business Plan: A solid business plan and cash flow forecast are essential.
3. Submit Your Application: Apply online through the Start-Up Loans Company website.
If approved, you’ll receive the funds directly into your bank account and gain access to mentoring support.
2. The Innovation Grant
The Innovation Grant is designed to support businesses developing innovative products or services. It aims to encourage research and development (R&D) in various industries. Funding amounts vary based on the project’s scope and potential impact.
How to Apply:
1. Identify the Right Grant: Visit the Innovate UK website to find a grant that fits your project.
2. Prepare Your Proposal: Draft a detailed proposal outlining your project, its innovation, and potential benefits.
3. Submit Your Application: Apply through the Innovate UK portal, following their guidelines for submission.
Successful applicants receive funding to support their R&D efforts, helping them bring innovative ideas to market.
Take Advantage of Available Grants
Securing a start up business grant can provide the financial boost your business needs to succeed. If you need assistance navigating the application process or understanding which grants you’re eligible for, contact Numbers Accountants. We’re here to help you make the most of available opportunities and guide you through every step. Reach out to us today!
Disclaimer: The information provided is accurate as of the time of writing and may not be available in the future.
