Securing funding from banks has become increasingly difficult, with the overall success rate for loan applications below 50% as of 2024. In such volatile times, it’s essential for UK start-ups and growth businesses to explore alternative funding options, including government grants.
According to the FSB, one in five businesses lack awareness of available growth funding options. To address this, we’ve compiled a list of 10 business grants that can provide a helping hand to growing businesses in various sectors.
The list includes grants for businesses in biotech, environmental, and exporting sectors. One such grant is the Seed Enterprise Investment Scheme (SEIS).
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Another grant, the Enterprise Investment Scheme (EIS), has an investment cap of £5m over 12 months and requires businesses to have fewer than 250 full-time employees and gross assets not exceeding £15m.
The Gigabit Broadband Voucher Scheme subsidizes the cost of installing gigabit broadband for SMEs. This scheme aims to deliver faster broadband speeds across the UK, particularly in areas where it’s unlikely a gigabit-capable network will be built in the near future.
Other grants include the Aerospace Technology Institute funding for businesses in the aerospace sector and the Plug-in grant for low-emission vehicles, which helps lower emissions by providing grants on certain low-emission vehicles.
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Additional grants, such as the Millennium Awards Trust and Funding Futures Award, offer up to £18,000 for social entrepreneurs tackling various social issues. These grants can be used to cover social venture costs and living expenses.
The Life Sciences Innovative Manufacturing Fund provides capital grants to build resilience for future health emergencies and make the most of the UK’s R&D capabilities. This fund offers capital grants for investment in human medicines and medical technology manufacturing.
Apprentices are aged 16 and over, combining working with studying to gain experience and knowledge of a job or industry. As an employer, you will need to search for an apprenticeship programme and find an approved training provider. You can receive funding from the government to help pay for the apprenticeship training and assessment.
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For businesses looking for alternative funding options, venture capital and angel investment can be viable alternatives. The UK remains the largest angel investor market in Europe, with angel investment being the third biggest investment type in the country.
According to UKRI, its popular Smart Grants scheme has been paused, but businesses can use the Funding Finder to explore available funding opportunities. By narrowing down the type of funding required, businesses can discover relevant grants and schemes to support their growth.