There is a myriad of different grant schemes available throughout each year. Businesses that have plans to create new jobs, protect existing ones, reduce carbon emissions and improve energy efficiency and create new technologies often stand in good stead of finding a suitable grant. However, not all funding goes to these type of companies. Many schemes are sector-specific, focus on a particular priority or niche issue and are regional. There are many grants that are only accessible if a business is based in a certain location, whereas others cover all areas in the UK as long as the project meets the scope laid out by the funding body. There is a variety of opportunities available to businesses who want to grow.

Grants are usually only available to planned projects that haven’t started yet, and most funding bodies require a business to provide match funding, meaning that the grant will not cover all project costs. For example, your total eligible project costs might be £500,000, a funding body may stipulate they will cover 40% of project costs, making the total grant potentially available £200,000.

Below are two examples of organisations who recently received grant funding;

• A manufacturing company received £30,000 in grant funding. This was for the purchase of new machinery in order to help the business grow. They were experiencing high demand and couldn’t meet their customers need with their old machinery. The new machine meant they could produce more products at a quicker pace. Grant funding was fundamental for this project to go ahead, it also created 1 new local job
• A software company received £1,000,000 in grant funding as part of a project involving the design of a new online platform. The grant was used toward the design and launch of the software as well as toward staff costs involved in the project
• An energy company received £100,000 in grant funding as part of a project that aimed to tackle climate change. It aimed to have a positive impact on the environment by working with smaller companies to become more energy efficient, the grant went toward demonstrating and testing the company’s initial idea.

A few examples of different UK wide grant schemes currently available follow;

• IUK Open programme funding offers between £25,000-£2,000,000 for projects from any area of technology, science of engineering, including arts, design media or creative industries. Projects must be innovative and be game-changing and disruptive within their field
• The LEADER programme operates in a number of different areas throughout the UK. It has several objectives which include support for increasing farm productivity, support for micro and small enterprises and farm diversification and support for increasing forestry productivity. These grants can vary in value but can be increased depending on the circumstance. Usually, the maximum value is £100,000
• The HLF – Heritage Enterprise programme offers grants of up to £5,000,000 to help organisations rescue neglected historic buildings and sites to return them to productive use, and thus to achieve economic growth

A few examples of regional grant schemes currently available also follow;

• South East Business Boost offers grants of up to £10,000 to small and medium sized businesses based in the South East. The programme aims to support business who want to grow, and will cover capital costs such as machinery, equipment and building work
• AD:VENTURE Growth Grants offer grants of up to £25,000 to businesses based within the Leeds City Region (Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, Selby, Wakefield and York). Aims to fund projects that will create jobs and support growth
• Business Energy Efficiency Programme offers grants of up to £20,000 to businesses based in Cambridge, Huntingdonshire, Hertfordshire, Peterborough, Rutland and West Norfolk. This programme is to provide investment in energy efficiency initiatives and to reduce carbon emissions
• Invest to Grow East Midlands offers grants of up to £250,000 for businesses based in the East Midlands. The programme is targeted at the following growth sectors; transport and equipment manufacturing, medicine/bio-science, construction, food and drink manufacturing, logistics and low carbon

These are just a few examples of the variety of grants available to businesses in the UK who wish to undertake a new project. There are grants available on a UK wide scale as well as at a more regional or local level that may suit a business’s needs.

If you want to find out more about grant funding, please contact T4C – a company who specialise in funding, by visiting their website using the link below.

http://www.t4cuk.com/contact-us/