It can seem daunting to research and find out what grants are available for small businesses in the UK and Scotland. Between eligibility, application processes, and ensuring research is up-to-date, it can be a complicated and time-consuming procedure.
But that doesn’t make it impossible. We’ve put together this blog to outline what grants are available for small businesses, how to apply for them, and how they differ from loans.
What is a business grant and how is it different from a loan?
While a loan requires you to pay back the amount of money borrowed from an entity within a contractual timeline (often with interest), a grant is non-repayable. This means that many grant offers are based on community impact, support, and mirror investment.
How can you apply for a grant as a small business?
This process will differ depending on the grant and the awarding body you are seeking. However, usually, you will need to speak with the awarding body (or research their website to find out the application process and eligibility criteria) and write a complete business plan which will explain how you intend to use the money.
We recommend applying early and including a cash flow forecast which can demonstrate competence and reliability.
What grants are available for small businesses in the UK and Scotland?
There are a number of grants available for small businesses in the UK and Scotland. Some of these are from the government but many are offered by organisations across the country.
Innovate UK
These government grants are targeted towards developing and realising new idea potential, with a particular focus on new research.
Coronavirus support packages
Offered by local authorities, support packages are for small businesses who are now rebuilding themselves after the pandemic and include grants for social enterprises and hospitality and leisure businesses.
There’s also a separate recovery scheme for businesses in London’s Square Mile.
Find out more at A2Z Accounting
A2Z Accounting is a regulated and registered business operating within the Association of Chartered Certified Accountants. We aim to always exceed standards and deliver top-quality accounting services you can trust. Our team are qualified in providing reliable financial guidance, accountancy services, and tax advice to help your small business develop in Aberdeen and Aberdeenshire.
For more information about what grants are available for small businesses in the UK and Scotland, get in touch with A2Z Accounting today.
