Great Recession of 2008 was a major setback to almost all the powerful economies of the world. United Kingdom too has faced its impact with the contraction of its GDP after a 16 year growing trend. To regain the economic strength after recession, UK has leaned on the entrepreneurial spirit hidden in every corner of the country.
To give life to entrepreneurial spirit, UK has announced various grants, entrepreneurial loans and freebies to boost the growth of small businesses and self-employed individuals. People pursuing their entrepreneurial ideas can avail any of the schemes and realize their dreams.
Professional accounting firms would possess all the details of the grants, loans and freebies. A simple search online for accounting firms near me would fetch the list of best accountants to guide with these facilities.
Grants are provided to aspiring entrepreneurs in the form of cash, equipment, tools or subsidies in using resources to small business owners and entrepreneurs. Some of the grant schemes available to small businesses are as follows
Direct grants –Direct grants are cash awards provided to aspiring entrepreneurs to execute a project or a business plan. Grants fund a considerable percentage (nearly half) of your project cost or equal to the money that you have raised or invested in the project. These grants have regulations and agreements to regulate the spending of grant money on the project.
Use the Business Finance Support Finder link to find the list of grants provided to entrepreneurs
Innovate the UK – A funding initiative started by the UK government to provide funding opportunities to foster innovation in the start-up ecosystem. This initiative is a part of UK Research and Innovation that cultivates innovation and provides funding. Some of the funding opportunities under Innovate UK are
For more details and eligibility criteria, click this link
Business support grants –These are grants that support the small businesses or start-ups to find resources, talent, expertise or other facilities to run their business with reduced costs.
Start-ups with minimal initial capital have a tough time finding the required expertise or talent to run their business. Hence these training and resource grants provide traction to the rising start-ups.
Business support grants run by local councils across the UK provide support to small businesses in the form of money, workshops, business incubation, advisory services, and training.
UK Government has setup regional business support helplines which offer free business consultation and advice over the phone to the businesses. Also, the government has set up expert networks to extend their knowledge and expertise to the small businesses to keep them updated with the latest advancements in business operations.
Tax relief – Government runs numerous tax relief schemes to ease the tax burden of small businesses based on eligibility
Employment Allowance relief reduces the National Insurance contributions of the employees of small business
Business rates relief – Businesses occupying only one property whose rateable value is less than £15,000 can apply for tax relief
Corporation Tax relief – Start-ups investing in Research and Development can apply for Corporation Tax relief on the project.
Other grants – Apart from the above, business grants for young people starting a business, for women, for people over 30 years of age, social entrepreneurs etc. are provided
New Enterprise Allowance
This is an initiative by the government to enable the long term unemployed individuals to set up their own business for a livelihood. NEA provides a weekly allowance for 26 weeks amounting to £1274 to help with the business. Also, the NEA assigns the individual with a mentor who can help in business setup and offer advice.
The government has extended its fullest support in nurturing the entrepreneurship ecosystem to foster its development. Tens of thousands of individuals and businesses have benefitted from these initiatives and contributed to self-development and national economic development.
To get help with all the grants and loans, find an accountant or accounting firms nearby to get guidance for application and funding.