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0 If you’re setting up or running a small business, finance is likely to be one of your main priorities. There are many ways to access funding but here are some places to start.
Innovate UK Smart Grants
Innovate UK and the Small Business Research Initiative hold funding competitions throughout the year, awarding government grants to businesses and research organisations. Funding is mainly aimed at innovation and ideas that can be scaled up to make a big impact.
Seed Enterprise Investment Scheme (SEIS)/Enterprise Investment Scheme (EIS)
These schemes help startups and established businesses raise their own money through venture capital routes. As long as your business meets the criteria, you can receive up to £250,000 via the SEIS and £12m from the EIS.
If you’re located in Gloucestershire and considering one of these schemes, you should think about going to a specialist accountancy service like
https://www.randall-payne.co.uk/services/accountancy/tewkesbury-accountants/ for help and advice.
Local Enterprise Partnerships (LEPs)
LEPs operate on a regional basis and provide support for millions of businesses. There are 38 Growth Hubs that bring private and public sectors together to enable businesses to find the help they need to succeed and grow in their markets. The LEPs are funded by the government and provide advice and support programmes at no cost to you.
Business Finance Finder
The Department for Business and Trade collates over 120 different schemes offering business finance. You can search for different types of support, including grants, loans and equity here:
Apprenticeships
Taking on apprentices can be a good way of ensuring you have a supply of skilled employees, as well as attracting government funding for training and assessment. There is additional funding if your apprentices meet specific criteria, such as young people who have been made redundant or who are leaving care. In Tewkesbury business advisory groups can offer help and advice on running successful apprenticeship programmes in your business.
Princes Trust Enterprise Programme
The Prince’s Trust offers a number of grants to help young people aged 16-30 start their own businesses. It also can fund course fees, tools and equipment, or licence fees.
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