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Taking It For Granted: How The UK Government Helps Growing Firms
In the UK, a number of government agencies offer a range of grants to help smaller firms to grow and prosper. The grants are typically designed to support innovation, encourage job creation, and underpin growth. In the last few years, a number of new initiatives have emerged, including grants aimed at boosting green technology and digital transformation.
The following list isn’t exhaustive, but gives an indication of some of the grants available
- Green Business Grants: The UK government encourages sustainability through grants for businesses involved in renewable energy, eco-friendly practices, and low-carbon technologies. Learn more about the £5 billion put aside for UK businesses.
- Innovate UK Grants: These are targeted at businesses investing in research and development, particularly in cutting-edge technologies and innovative solutions. You can find a lot more info here.
- The full Government Grants search platform can be found here.
- SmallBusiness.co.uk have released an updated list of 150 grants on offer for UK SMEs, ranging from funding for space services, low emission vehicles, funding for the beauty industry, to energy efficiency. The list is extensive.
Who qualifies for grants:
Government grants can be confusing, but with basic research and some effective help you can find what you’re looking for. And while the process can be time consuming, you can access a range of grants to help your business. Eligibility often depends on factors such as the size and nature of your business, the specific grant’s requirements, and your ability to demonstrate how your project aligns with the grant’s goals.
5 handy hints to smooth your grant journey
- Do your research: Start by getting to know the various grants available, then choose those that align with your business goals and expertise.
- Make a detailed plan: A well-structured grant application is really important. Be sure to articulate how you will meet the grant’s objectives and how the project will benefit your business.
- Seek help: Don’t be afraid to talk to experts. At Paul Beare we often help our clients prepare for a grant application and we can also point you towards specific experts in the field too.
- Get your numbers right: Clear and accurate financial records are essential. They demonstrate your business’s stability and financial responsibility – and they are our specialty.
- Timing: Be aware of application deadlines and submit your proposal well in advance.
If you’re growing your business and need the help of a qualified accountant then the team at Paul Beare we can cover off all you need. You can contact us for help from tax and payroll to accounting and banking.