The UK offers a variety of grant funding opportunities to support SMEs. These grants often aim to promote innovation, business growth, sustainability, or regional development. But it can be difficult to know where to start! Here are some of the main UK grants and funding programs currently available to SMEs:
Innovate UK Grants
Innovate UK is a major public body that supports innovation and research in SMEs. Grants are often aimed at encouraging cutting-edge projects in areas such as technology, healthcare, and sustainability. Innovate UK has a range of funding opportunities including:
- Smart Grants – for game-changing and innovative ideas.
- Innovation Loans – for late-stage innovation projects that are ready for launch.
- Sector-specific grants – in areas like energy, transport, and AI.
- Sustainable Innovation Fund – focuses on helping SMEs develop innovative solutions to sustainability challenges, especially in the aftermath of the pandemic. It encourages research and development in areas such as renewable energy, carbon reduction, and clean tech.
National Lottery Heritage Fund
The National Lottery supports projects that preserve the UK’s heritage, including the environment, cultural assets, and historical landmarks. SMEs working on heritage-related projects can apply for funding ranging from £3,000 to millions.
Local Grants Schemes
Many local councils and authorities offer grants to SMEs for business expansion, innovation, or sustainability. These are often targeted at businesses based in specific localities. Details about grants from Chichester District Council are available online.
Creative Industries Fund
The UK government supports SMEs in the creative industries with grants and loans aimed at fostering innovation in sectors like film, TV, music, and digital media.
Exporting Grants
If you are an SME looking to expand internationally, there are export-specific grants from UK Export Finance which provides grants and loans to help UK SMEs finance export deals.
British Business Bank
The British Business Bank offers a wide range of loans and equity funding for SMEs looking to grow or scale up through a variety of finance options.
Finding the right grant
Many grants have specific eligibility requirements based on factors like industry, location, and the size of your company. To find the most relevant opportunities you can search the UK Government’s Grant Finder.
In addition to grant funding option, there has recently been confirmation that the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme will be extended by ten years to 5th April 2035. For UK start-ups these schemes can be fundamental for helping to raise capital.
If you are seeking grant support, you are likely to need to supply certain financial information about your business activities. It’s also vital to check eligibility criteria and application deadlines carefully for each grant you consider. For help and advice – or to discuss any aspect of your business finance – please get in touch.