Small businesses that sprout from the ground up strictly on the owner’s capital are becoming rarer to find. It is in fact true that many entrepreneurs need a helping hand in achieving their business dreams. In the spirit of financial leg ups, let’s consider over 200 small business grants in the UK (including federal and government small business grants) which businesses within and, in some cases, outside the country can leverage.
This article will look at the method of application, the criteria (eligibility and funding requirements), the funding amount, and the deadlines associated with these grants.
However, before we start out, these grants will be categorized into Federal small business grants and Government small business grants in UK. This is in a bid to help you fully grasp the dynamics of funding opportunities available to UK based businesses.
So let’s dive in …
Federal Small Business Grants
The following set of grants are basically categorized under Federal Small business grants in UK. Basically, this means that the funding of these grants come from the Federal Government of the United Kingdom
#1. The Prince Countryside Fund
This business grant is targeted at rural communities in the UK. As such, you have to be based in the country and above 18 years of age to qualify for this grant. Furthermore, they give grants of up to £10,000 for projects from across the UK. You can apply via the fund’s website.
Officially, the grant application ends November 3rd by midday.
2. Tradeshow Access Program (TAP)
To be eligible for this Federal Small Business Grant, your business must be based in the UK and must have been a UK SME export opportunist for at least 10 years. TAP allows you visit trade shows overseas and grants between £500 to £2500 to businesses.
According to their website, to apply, you have to contact the TAP Trade challenge partner organization leading the trade show. You can find this information from the calendar of supported events. Basically, the TAP trade challenge partner sends you the information you need about the trade show, level of grant available, and an application form.
3. Knowledge Transfer Partnership (KTP)
KTP grants are for businesses that employ recent graduates. But, to be applicable for KTP awards, you must be a UK business research organization. KTP grant up to 67% of your project cost.
Application must be led by a knowledge base (a university, college, research, and technology organization in the UK), working with a business. However, if you have a partnership with knowledge base already or know who you would like to work with on a KTP, you should go via that organization’s KTP office.
4. Arts Council England Funding
The grant, which is sponsored by The National Lottery, majors on British culture and arts. This Federal small business grant offers between £100 to £10,000. Eligibility for application include individual artists and practitioners, community and cultural organizations, museums, and libraries who are involved in arts, museums, and libraries projects that engage people in England with creativity and culture.
However, there are no deadlines, but to apply you have to register on their website.
5. New Enterprise Allowance (NEA)
This small business grant aims at helping unemployed persons start up a business. Aside the grant, you will be assigned a mentor and the progress of your business will be monitored. In addition, the grant gives a weekly allowance worth up to £1,274 for over 26 weeks. To find out more, visits NEA’s website.
6. Enterprise Investment Scheme (EIS)
If your business employs less than 250 staff, then you have a chance to this grant. The grant assures a relief scheme on tax for early stage businesses. EIS has a track record of having invested over £14.2 billion into approximately 25,000 companies. After reading the requirements on their website, send your application to firstname.lastname@example.org.
7. British Council Grants
The federal small business grant is issued through Newton Fund. According to their website, the grant is aimed at fostering innovation and research with partner countries to support their economic development and social welfare for long-term sustainable growth.
8. National Lottery Community Fund
This was formally called the Big Lottery Fund. The National Lottery Community Fund distributes over £600 million a year to communities across the UK. So basically you have to be based in any of the nations in the UK to be eligible for application. But this federal small business grant isusually usually for social change therefore you can apply for under or over £10,000. The NLCF are however currently only accepting COVID 19 related projects.
9. Prince Trust Grants
Prince Trust Grants was founded in 1976 by Charles, Prince of Wales and is aimed at providing assistance to young entrepreneurs. However, you must be 16-30 years, unemployed and living in the UK to get this grant. It grants ranges from £175-£250. To learn more, visit their website.
10. Apprenticeship Grant
The small business grant offers £1000 payment incentives. It supports the employers to train young individuals through apprenticeship programs aged 16-18 or 19-24 with EHC PLAN. Eventually, through this federal small business grant, you will be able to claim up to £2,000 as an incentive payment if you hire an apprentice that starts with you between 1 August 2020 and 31 January 2021. You’ll have until 30 April 2021 to make the claim.
11. Gigabet Broadband Voucher
The scheme is to set off the cost of mounting Gigabet Internet for rural communities and small businesses. £2500 can be granted for a locally installed connection of Gigabet Internet. Conversely, according to their website, small to medium-sized business (SME) with broadband speeds of less than 100Mbps can use vouchers worth up to £3,500 to support the cost of installing new fast and reliable connections.
12. Seed Enterprise Investment Scheme (SEIS)
The SEIS aims to encourage investors to invest in very high-risk, early-stage businesses by offering significant tax breaks. Basically, you can earn back up to 78% of your investment through this UK-based small business grant and by so doing reduce capital risks. Furthermore, you can also apply for this scheme with HMRC certificate because that’s what makes one eligible to the grant. A trip to the SEIS’ Official website should give a breakdown of the information you need.
13. CRACK IT Challenges
This is aimed at research and commercializing technology that are still new. £1000000 can be granted to you in 36 months depending on your challenge contract. However, to be eligible you must have challenges regarding to business or academics in science works or trade and be based in the UK. The NC3Rs funds the majority of the competitions.
14. Research and Development Tax Credit Scheme
Commonly referred to as RDTC, this UK-based small business grant is for research and development. Once you want to start up a serious developmental work, this grant is for you. They incentivize companies to invest in R&D.
Also, companies can get a lower tax bill or claim payable cash credits as a proportion of their R&D expenditure. Check their website to see if you qualify for tax credit.
15. Biomedical and Energy Catalysts
This grant is handled by the Medical Research Council. As a UK-based Federal small business grant, it looks out for companies or individuals working in the biomedical or energy sector in the UK as eligibility requirements.
In addition, the grant is open three times a year, and the catalyst funds up to 60% of your work. But, depending on exactly what you wish to do, the MRC has a number of grants which you can check on this list.
16. Eureka Eurostars
The grant is for small and medium-sized businesses based in the UK. Mostly, you can work with other European companies and get an offer worth 360,000 Euros. According to their website, Eurostars supports the development of rapidly marketable innovative products, processes, and services that help improve the daily lives of people around the world.
Check out their application requirement guidelines.
17. Horizon 2020
This Federal small business grant, which is run by the European Union, is used to get technology access, acquire skill needed, create goals that you can’t achieve alone and work with other companies. The grant ends in 2020.
Furthermore, you can access the grant through UK government bodies and it offers from £100k to £10 million. Follow the guidelines of your chosen call to find out if you are eligible.
18. Improving Life Scheme
This is available in Scotland and it aims at helping people overcome poverty and conquer some difficulties in life. This scheme is worth £10,000 to £500,000 in total.
Also, the scheme is open to voluntary or community organisations and public sector organisations till the budget is exhausted.
This is called the People and Places Grant (PAP). It is available in sales and focuses on stability in social change. This grant is for social enterprises, CIC’s (Community Interest Companies), and non-profitable organizations.
Mostly, they fund capital and revenue community projects from £10,001 to £100,000. However, they are currently prioritising funding projects that are COVID-19 related.
20. Fund for Youth Investment
The youth investment program gives funds to youths across England. For the most part, those granted for the program are sustained for so many years to develop them and provide adequate youth services simultaneously.
Furthermore, it offers between £150,000 to £700,000. However, the program is closed to new applications.
21. Patent Box Relief
This is for UK Innovation goals. To be eligible for this, your company must have a patentable product license. This federal small business grant, however, gives up to 50% discount in the tax bill of the corporation. For more information, visit their website.
22. Forestry Innovation Fund
The federal small business grant is targeted at the promotion of forest businesses and industries especially those in the local region. More than £300,000 is available to be funded. Mostly these funds are arranged by the DERFA. Find out more.
23. WCP Grant:
This is the Woodland Creation Planning grant. It is available to those who own at least 10 hectares of land. Although, 65%of the hectares of land in question will have to be productive.
Additionally, you are eligible to apply if you have the above qualifications and reside in England. The grant offers up to £1000.
24. The Transform Aging Program:
The small business grant is based in the UK under the umbrella of Unltd social enterprise funding.
Specifically, it focuses on supporting businesses which proffer solutions and innovative ideas to the elderly and also impact positively on them. You can search for the scheme awards and get up to £25,000.
25. Unltd Social Enterprise Funding:
This is a UK-based small business grant program. It is for companies that are socially minded. It offers the ‘Grow It Awards’ program and even the aforementioned transform ageing comes under this.
Basically, for Grow It Awards, you get up to £15,000 if you are seeking support in your enterprise.
26. Broadband Subsidy Scheme:
Pertaining to the movement of the new world and a shift in the digital economy, the UK funds small businesses with grants especially to those which have no or less access to the Internet. Hence it provides 2MB minimum speed.
In total, you can get up to £350 once you apply especially those in the suburban and remote areas.
27. Energy Entrepreneurs Fund:
This federal small business UK grant is for energy-producing sectors like heat, electricity, power and so on. Altogether, a total of £1 million is available in funding.
Nevertheless, the 2050 year low carbon target is inclusive.
You are eligible for the grant if you are seeking advancement in energy production.
28. Barrow Cadbury Trusts:
The grant covers those yearning for social change both in migration, economic and criminal justice. However, Barrow Cadbury Trust funds you depending on your project cost.
29. Business Relief Rate:
So many businesses pay business rates to local councils but once you are on this grant your business is exempted from paying these rates. The UK grant is for small businesses passing through hardship and for rural areas.
30. Innovative Mechanic Initiative (IMI):
The federal grant is for businesses in parts of the UK where medical needs are not properly met. It is for treatment and vaccine development.
Also, it is for ensuring that patients have easy access to the medicines they need. The funding amount is not specified because it is based on the project presented.
31. Industrial Partnership Awards:
The IPA funds educative and industrial-based businesses. However, to be qualified for this grant you must fund 10% of the project yourself. You can apply by using the J-es system.
Furthermore, filling in the application form, you must adhere strictly to their stipulations.
An opportunity is opening at the end of November 2020 till January 2021 where £ 1,500,000 is available to help you start out.
32. UK Fit for Nuclear:
To partake in this UK federal small business grant, your company must have up to ten members of staff. In addition, it must have a £1.6 million in your yearly turnover.
The program takes a year and six months. It is for UK organizations that deal in nuclear elements.
33. FCEV Scheme:
The Fuel Cell Electric Vehicle fleet support scheme is a UK federal government initiative that centres on promoting the increase in small businesses through grants.
However, these businesses usually have to be Hydrogen-cell-electric-vehicle related. The available fund is £2 million and the scheme will close once the money for it exhausts.
This is the Architectural Heritage Fund founded in 1986. The program is based on the re-use of old monuments in the UK. For your project to be eligible, the need for the building must be clearly stated out. The fund available ranges from £5000 and above.
35. Trusthouse Charitable Foundation:
Organizations that support suburban and rural areas in health, education and other charitable ways are open to this Federal small business grant for UK residents. To be eligible for this grant, your company must be a CIC enterprise, a registered charitable company and must as well deposit 50% of the project cost.
36. Adur and Worthing Small Business Grant:
This UK grant is only for those living in the Adur and Worthing Borough, West Sussex of England. It is basically for supporting micro-businesses. You must be able to prove how favoured the business will be if funded. The federal small business grant disbursed up to £2500 and the applicant must fund 50% of the project.
37. Business West Coaching Grant:
This UK grant is for those in the west of England. It covers up to 40% of total project expenses and provides one with an opportunity to have a coach for advice in SME’s.
Conversely, to be eligible, you must have at least two years of sustained growth and be employing between 7 and 250 people.
38. Arun Valley Business Grant:
Arun Valley Borough council make grants available for start-up businesses. The scheme is for those residing in the Arun district, west Sussex of England. £1500 will be awarded per company found eligible for the UK-based Federal small business grant.
Accordingly, to be eligible for this grant, you must be employing less than 250 people.
39. New Anglia Small Grant Scheme:
This is for Norfolk and Suffolk residents in England. The grant available is up to £1000 to £25,000. For this grant visit their website.
40. New Anglia Growing Business Fund:
This is way bigger than the Anglia Small Grant Scheme. The UK grant is for those in Norfolk and Suffolk. It offers up to £500,000 to help grow small businesses and create jobs. These UK capital grants can cover up to 20% of your total project costs.
41. BG KICK Start Grant Scheme:
This grant is for small businesses in Blaenau Gwent county of Wales. It funds new and micro UK businesses. To be eligible, you must fund at least 50% of the project and then the scheme will fund the rest.
42. BG Effect Business Fund:
Unlike the BG Start Grant Scheme, the BG Effect Business Fund provides a minimum of 75% in the total funding of the project. While the BG start up small business grant provides 20%, this BG Effect Business Fund gives 80% and is still for those in the Blaenau Gwent County of Wales.
43. Broadband District Enterprise Grant:
To be eligible for this Federal small business UK grant, you must live in Broadband District and submit your business plan. Also, you must have a minimum of 10 employees.
In addition, the funding initiative grants up to £750 and help small businesses.
44. Caerphilly Business Development Grant:
The federal small business UK grant aids in buying equipment in giving new shape to small businesses. To be eligible, you must present a minimum of two gadgets you will buy with the grant.
Mostly, the scheme covers up to 45% cost of the equipment.
45. Caerphilly Commercial Improvement Grants:
The grant is for those residing in Caerphilly County in Wales and are interested in creating jobs.
Furthermore, the grant guarantees you to bring empty property into use. It provides up to 50% of the total project cost.
46. East Sussex Invest 4 (ESI4):
The UK grant funding (Federal small business) is available between £15,000 to £25,000. It funds 60% of your project. It supports small businesses and the program is run by the East Sussex County Council.
47. Low Carbon Revenue Grants:
This covers those in Warwickshire in England. It provides grants for any small business based in UK that commercialise products in the low carbon market. Generally, it offers up to £6,000 in funding and covers up to 40% of revenue costs.
48. Low Carbon Innovation Grant:
Similar to low carbon revenue grants, this grant also provides financial support to UK-based small businesses relating to low carbon tech. The grant further offers up to £1000 and £50,000.
Once you need funds for work pertaining to nuclear development, winds in the offshore, or recycling process, this grant for you.
49. Energy Efficiency Grants:
The grant helps small businesses aspiring to improve in energy stability. It is part of the green energy program and aids the applicant to provide tools that desire an increase in carbon savings.
50. Innovation Program:
For this UK-based federal small business grant, fund disbursement lie between £1,000 and £50,000.
In addition, the grant focuses on giving aid to SME’s which are intense in innovative services or products. To achieve this grant, your business should be involved in developing new tech.
Also, you must have less than 250 staff.
51. Investment Fund:
Coventry city council manages the investment fund alongside Warwickshire county and Coventry University enterprises.
To apply for this UK Federal small business grant, you woukd need to contact one of the business development advisors at the council.
Furthermore, the UK grant covers smalll businesses in the machinery, computer hardware and software sectors with less than 250 staff.
52. Relocation Grant:
This is a reasonably sizeable grant. Basically, it is for those who relocated to Chorley. Also, it targets those who in one year and six months have provided 20 long-term jobs.
Mostly, you can receive up to £25000.
53. Business Investment for Growth Grant (BIG):
The grant is for those in Chorley with aim of improving businesses and creating jobs. You can apply by submitting the application form on the council’s website.
Under this UK Federal Small business grant, you can get up to 50% of the total cost on your project.
54. Chorley Shop Front Improvement:
The grant is still run by the Chorley Council for local retailers in Chorley. If you wish to do more in visual exterior of retailers property, this is for you.
However, you must be a lease holder and claim up to 75% of the project to be eligible.
55. Chichester District Council Grant Programme:
As the name entails the grant is for those in the Chichester District only. The federal grant supports small businesses in the UK.
Mostly, the grant is in two segments: those under £1000 and secondly those above £1000. But you would need to contact a funding advisor for this.
56. Civic Improvement Fund (CIF):
To be eligible, you must disclose how your project will profit the economy, the streets, shop and small businesses. The Civic Improvement Fund is designed to grow the Elmbridge area of the UK.
Above all, the grants disbursment range from £500 to £15,000 are available.
This stands for the Digital Skill for Growth. It offers businesses in the Essex area fund to train youths in digital technology.
Also, the DSG is managed by the Essex Employment and Skill Board and up to £4,000 is available.
58. ReAct for Business:
ReAct is a federal small business grant program based in UK and funded by the Welsh Assembly government.
Mostly, it is aimed at helping employers and small businesses that have gone dormant for the past six months. However, uou will need to contact the ReAct team for more detail and application.
59. Community Toilet Grant:
60: ISO Grant Scheme:
The ISO grant scheme aid topical businesses in accreditation of ISO. For an organization to meet the consultancy cost, you need a federal small business grant.
But, the amount is not specified.
62. Hartlepool Business Grant:
The Hartlepool council provides series of business grants to aid local businesses in the UK. For the most part, the UK federal small business grant is all about job creation and development of information technology in Hartlepool England.
63. Built Environmental Climate Change Innovation:
The grant is available in the UK. It is staged to excel SME’s and proffer solutions to their challenges. BECCI will favor you if you are dealing with climate change technology.
54. Business Energy Efficiency Program (BEEP):
To be eligible this UK federal small business grant, you must have less than 250 staff and £40 million turnover.
Furthermore, your general goal must be about using energy more effectively and achieving a better environment in the UK especially for Hartlepool, Durham.
65. Greater Lincolnshire Growth Fund:
The grant focuses on businesses concerning health, agriculture, low carbon achievement, and digital trend. The amount awarded ranges from £150,000 to £500,000.
But, to be eligible, you must assure 27 jobs for £150,000 and at least 90 posts if you want £500,000.
66. Business Growth and Digital Growth Grant (GLLEP):
This UK-based Federal small business grant is open for those residing in Lincolnshire area and are willing to create jobs and improve businesses on software, electronic management and solutions in e-commerce.
Conversely, grant sizes available cover 30% of project cost.
67. Mansfield Market Grant:
The federal small business grant provides one year of free rent with the goal of helping traders and businesses in Mansfield District.
Basically, you can get up to £2500. Also, you are eligible if you spend a minimum of £5,000 and are based in the Mansfield district.
68. Vibrant and Viable Place Retailer Funding:
The Welsh government funds this grant with the aim of improving business in Marthy Tydfil County, Wales.
In addition, finance ranges from £500 to £5,000.
69. Vacant Commercial Floor Space Grant:
The grant is from Newport city council and aids small UK-based businesses that acquire places in the center of the city.
But, to be eligible, you will fund half of the grant and reside in Newport town.
70. Business Support Program:
This dual-stream grant program provides support to UK-based small businesses in Coventry and Warwickshire area.
Furthermore, the federal grant assures £1000 to £10,000 to small businesses and up to £50,000 to large businesses.
71. Business Growth and Development Grant:
Pendle Borough based businesses can acquire this grant in growing their business and for job creation.
For the most part, to be eligible for this, your business must be more than six months. The federal small business grant offers between £2000 to £10,000.
72. Growth Lancashire:
The UK grant assures free coaching and workshop for those in Ribble Valley Borough, Lancashire. The Ribble Valley Borough Council provides grants for entrepreneurs with new businesses.
73. Scarborough Business Expansion Grant:
The federal small business grant is to support Scarborough based businesses. The business expansion grant offers up to £5,000 for business each year.
74. Lincolnshire Grants4Growth:
This capital funding grant designed to support small business growth is eligible to businesses in the South Holland area.
Additionally, successful applicants can use this amount to fund the purchase of capital assets needed to increase sales and production, create innovations or drive efficiencies, ultimately contributing to local economic growth and job creation.
More importantly, the application process is incredibly quick. The council aims to get a decision to you within two weeks. Funding for the federal small business grant ranges from £1,000 to £25,000, covering up to 28% of the cost of any capital purchase.
Coverage: South Holland, Lincolnshire, England
75. Power to Change Funding:
In collaboration with Collaborate CIC, the Power to Change funding programme is there to provide financial and informational support to community businesses based in Suffolk.
The UK grant is for UK community-oriented companies that have a positive impact on the broader community. The total small business grant fund available is £30,000; the scheme will likely close when it is exhausted.
However, to be eligible, you must be starting or running a community business. Suffolk County Council considers a community business to be rooted locally, address community needs, be accountable to the local community, have a trading model that benefits the area and have an overall positive impact on the community as a whole.
Occasionally, the funding amount varies from £250 to £5,000, depending on the stage and type of project.
Coverage: Suffolk, England
76. Independent Retailer Grant
Test Valley Council is intent on encouraging independent retail companies to take up unused and vacant spaces in the towns of Andover and Romsey. Incentives take the form of federal small business grants to cover rent for existing and new businesses moving into ground-level vacant properties in the town centers.
Mostly, £1,000 in funding is available in two stages, with £500 paid in the first three months and a further £500 paid nine months later.
Coverage: Andover and Romsey, Hampshire, England
77. FIFE Investment Fund
The director of this fund is Business Gateway Fife, and the grant specifically focuses on small businesses. To be eligible, your company mustn’t have more than 49 employees and must be Fife-based. However, you will get priority if you are working in the creative or environmental industries or a B2B market. You can find application details on the Fife Council website.
Furthermore, you can receive a grant of up to £10,000, which can fund up to 70% of a project. Business Gateway Fife administers funds on behalf of the Fife council. Applications must be part of a business review and accompany a fully-functional business plan.
Coverage: Barrow-in-Furness Borough, Cumbria, England
78. Business Development Grant Caerphilly
This UK federal small business grant aims to support businesses that are looking to grow in Caerphilly.
For the most part, eligible businesses should have 250 employees or less.
Furthermore, the director of the federal grant is Caerphilly County Borough Council.
But to be eligible, the company must be a full-time operation situated in Caerphilly. Additionally, at least one of the owners or the directors must be involved in the company full-time.
Coverage: Caerphilly Borough, Southern Wales, England
79. Startup Grant
The startup up grant award is an initiative from the Broadland District Council. Its sole aim is to support unemployed people starting small businesses. But it comes in the form of a small monetary sum.
The main criteria stipulate that you can only apply after a period of unemployment, your new business must be your full-time profession, and you will need to provide a reliable business plan and cash flow projection.
You can register a profile and apply online. And if successful, you will receive the grant once your business begins trading. In addition, the Broadland startup grant offers up to £750 in funding.
Coverage: Broadland District, Norfolk, England
80. Business Startup Grant
This federal grant from UK Steel Enterprise in conjunction with Caerphilly County Council aims to provide a micro business grant to help residents in Caerphilly set up a business for the first time.
The council requires that successful applicants use the funding for purchasing building works, marketing, development of a website, or IT equipment.
To apply, you will need to supply a business plan complete with cash flow and profit and loss projections for at least one year.
Also, you will need to provide two quotes for any proposed purchase under the grant, and at least one of the company directors must be employed by the company full-time.
However, the grant funds project costs up to £500 and is 50% match funded. In other words, if you need £500, you will need to put in a further £500 yourself.
Coverage: Caerphilly County, Wales
81. Business Start-Up Grant Scheme
A startup grant from Cheshire West and Cheshire Council to support residents in launching new businesses or enterprises. This includes new ventures, not older than three months.
To apply, you will need to supply details of a business advisor, an updated business plan, and a cash flow forecast. Also, you must also prove that the grant is necessary to start up your business. Grant funding is available up to a maximum of £250.
Coverage: Cheshire West and Chester, England
82. Starting in Business Grant
A micro-grant to support entrepreneurs in the Chorley area, turning their business ideas into new businesses. To apply, you will need to reach out to a business advisor at Chorley Council.
You may receive up to £750. And, this can be in the form of a traditional grant or a loan.
Coverage: Chorley, Lancashire, England
83. Crawley Business Support Grants
Crawley Borough Council runs this grant scheme, providing startups and small businesses with initial funding to help get their new businesses off the ground or expand in the early years.
You can apply using the council’s application form. However, grant applications are reviewed every four weeks until funds run out.
Above all, amounts are available up to £2,000, provided they are match-funded. Also, they may cover up to 50% of the project cost.
Coverage: Crawley Borough, West Sussex, England
84. Elmbridge Start-Up Fund
The Start-Up Fund provides a single grant to help businesses with starting. This could include buying equipment, marketing, promotion, and any initial startup expenses.
Consequently, eligible companies must be set up in the Elmbridge area and be no more than six months old. Up to £1,000 can be secured in funding.
Coverage: Elmbridge Borough, Surrey, England
85. Growing Graduate Enterprise
Growth Lincolnshire is a scheme from the University of Lincolnshire that offers a monetary grant and support to final year university students in Lincolnshire who plan to stay in the area and start a new business.
To be eligible for this federal small business grant, your business cannot be trading.
Furthermore, you must live in the Lincolnshire area, have no visa restrictions and have a viable business idea.
In addition, funding of up to £2,500 is available, split into two principal payments of £1,500 and £1,000.
Coverage: Lincolnshire County, England
86. Innovation Programme for Greater Lincolnshire
This federal small business grant offers access to the proof and concept grants and the innovation vouchers.
First off, the initial award provides funds for SMEs to build new products, processes, or create new markets.
And then, the second grant provides funding for SMEs to hire consultants to carry out research and consultancy for technological and innovation projects.
Conversely, proof of concept grants are between £1,000 and £10,000. Innovation vouchers range from £1,000 to £5,000.
Coverage: Lincolnshire County, England
87. Tower Hamlets Start-Up Ready
The Tower Hamlets Council offers a grant for new startup businesses.
To be able to apply for the federal small business grant, you must attend and complete the council’s four-day startup programme course.
And, to attend the course, you will need to submit an application form to Startup Ready. Up to £5,000 in funding is open to applicants.
Coverage: London Borough of Tower Hamlets, Greater London, England
88. Malvern Hills Business Start-Up Grant
Malvern Hills Council runs a grant scheme to support businesses based in the district. The aim being to fill vacant business premises, regenerate town centers, and create new jobs. Thus, you must be able to demonstrate how your business or project will achieve one of these goals.
To be eligible, you must be employed full time by your business, provide a business plan, and have the relevant business licenses in place to operate.
Mostly, you can apply for a maximum of £750. This goes down to £500 if you are not moving into a ratable business property.
Coverage: Malvern Hills District Council, Worcestershire County, England
89. Mansfield Business Start-Up Grant
Offered by Mansfield District Council, the Business Start-Up Grant is available for applications from all residents in the Mansfield area. You can use the federal small business grant to fund the cost of starting up.
For the most part, startup costs will include purchasing equipment, advertising, building a website, and more. Up to £1,000 in funding is available.
Coverage: Mansfield District, Nottinghamshire, England
90. Start-up Business Grants
Available to startup businesses up to a year old, the start-up business grant from UK Steel Enterprise and Newport City Council is designed to provide funding support to pre-startups and relatively new businesses who will grow the local economy and create jobs. Basically, you can use the federal small business grant to pay for costs including software, training, commercial rent, and more.
Awarding of the grant is discretionary and carried out by the council. Social enterprises, companies, sole traders, and all types of organizations are eligible to apply.
Available up to £1,500, the grant funding may cover up to 40% of the total cost of any project.
Coverage: Newport City, Wales
91. Reigate & Banstead Business Support Grant
The Business Support Grant initiative aims to support local businesses wishing to grow or start new ventures. Companies with less than four employees in the Reigate and Banstead Borough area are eligible to apply; you will also need to provide a business plan for review. If successful, you will receive an invitation to interview at the town hall. Funding up to £1,000 is available.
Coverage: Reigate & Banstead Borough, Surrey
92. Scarborough Business Start-up Grants
A small UK grant provided by the Scarborough Borough Council to support startup businesses less than 18 months old, you can make applications for this grant to purchase equipment and machinery, to carry out improvement of premises and for different types of marketing. Up to £1,000 is available, for one business in one year.
Coverage: Scarborough Borough, Yorkshire
93. Business Incentive Grant
The Business Incentive Grant exists to support startup businesses in the Test Valley in building a competitive local economy. To be eligible for the grant, you must apply before you start your business and you must be working on the business full-time.
You must also be prepared to receive two site visits from the council to see from where you operate the company, and you must be able to provide the necessary paperwork. Unfortunately, the whole process is rather long and can take upwards of six months. Up to £750 in funding is available.
Coverage: Test Valley, Hampshire, England
94. Merseyside Regenerus Startup Grant
The Regenerus startup grant is available to businesses situated in the Merseyside region. The fund was previously known as South Sefton Development Trust. To be eligible, you must reside in Merseyside. Application details are provided on their website.
If eligible, the programme includes a combination of workshops and one-on-one assistance from a qualified business adviser to produce your business plan and cash flow, along with a startup grant of £250.
Coverage: Merseyside, England
95. Business Development Grant Scheme
Scarborough Borough Council directs the Business Development Startup grant scheme, established to encourage the formation of new businesses in Scarborough Borough.
Up to £1000 is available in funding. Startup grants are intended for new startups and companies less than 18-months old. The grant may go towards the cost of necessary equipment and machinery. Any grant awarded will be 50% of expenditure within limits of the grant amount.
Coverage: Scarborough, North Yorkshire, England
96. Grants for New Businesses in Orkney
This scheme is available to people who are looking to start a new business in the Orkney region. The company should comprise no more than nine employees.
Directed by the Orkney Business Gateway, the grant may cover any start-up costs such as equipment, training and marketing. For more information, you can contact the Orkney Business Gateway via their website.
The maximum amount of funding provided is £1,000. Applicants for start-up funding must be developing a new, full-time startup business. The application submission must come before the business launch. The applicant must submit a business plan with two years of cash flow projections.
Coverage: Orkney Island, Scotland
97. Startup Grant West Dunbartonshire
This federal small business grant, directed by West Dunbartonshire Council, is a startup grant reserved for people looking to launch their own business. The maximum number of employees you may have to be eligible is 250. A business plan, as well as proof of trading, must be provided to qualify.
Furthermore, you can inquire about the grant from the details provided on the West Dunbartonshire website. Up to £500 is available to help people over 18 with the costs of starting a business.
Coverage: Barrow-in-Furness Borough, Cumbria, England
99. NBV Grant for New Businesses
The NBV business grant is for businesses based in Nottinghamshire, Derbyshire, Leicestershire and Greater Lincolnshire.
Your business needs to be B2B and must be ready to start trading. It also has to be already registered with HMRC or Companies House. Start an application by expressing your interest on their website.
In the end, the grant awarded can be anywhere from £1,000 to £2,500, depending on the project spend.
Coverage: Nottinghamshire, Derbyshire, Leicestershire and Greater Lincolnshire, England
100. Cumbria Business Startup Support Programme
The fund director of this programme is the Cumbria Chamber of Commerce. You should not have more than 250 employees involved in your business. There is a telephone-based application to assess your eligibility, after which you can apply through the Cumbria Chamber website.
The Business Startup Support Programme (BSUS) offers free business advice, support and training to anyone looking to start a new business or set up a social enterprise, or to those in the first three years of trading.
There’s also business support offered to women based in rural Cumbria. The business training course focuses on areas such as social media marketing and search engine optimization.
Government Small Business Grant
The next set of grants are categorized under government small business grants in the UK. Basically, this means that funding of these grants come from government commissions on various levels.
Read Also: LIST OF FEDERAL GOVERNMENT GRANTS 2020
101 Scheme Enabling Fund (SEF)
SEF is a substantial government small business grant dedicated to supporting developers in carrying out finance feasibility studies, business case development of new housing schemes, and restarting stalled housing schemes to generate employment and housing. To apply to this fund, you will need to reach out to the economic intervention team at East Sussex County Council.
The maximum amount to be considered is not listed, but the remaining fund size is £600,000. The fund will close once it is exhausted.
Coverage: East Sussex County, England
102. Incentive to Grow Grant
Run by Eastleigh Borough Council, the Incentive to Grow Grant is a small monetary government grant for new and existing small businesses. However, it can go towards hiring new staff, buying equipment, and marketing.
To be eligible for the scheme, you must live in the borough of Eastleigh and be or become a member of the Southern Entrepreneurs association.
In addition, funding is available up to £500, up to 50% match-funded to cover the total cost of the project.
Coverage: Eastleigh Borough
103. The Gloucester Business Growth Grant Scheme
Gloucester City Council manages this UK grant scheme to support local economic growth by providing grants to small businesses located in Gloucester; although the money must be used towards capital costs such as premises or equipment purchases, among others.
However, you must express interest through the form and once assessed or approved for grant funding, provide receipts from the project for which you will be reimbursed. Also, you will need to be able to pay the full amount upfront for the project.
Furthermore, grant funding of £1,000 – £10,000 is available, with most grants limited to £5,000. The award can represent 30% of total project costs for businesses outside the city centre and 50% of total expenses for those inside the city centre.
Coverage: Forest of Dean, Gloucestershire, England
104. Growing Enterprise Grant
A government small business grant programme to support the growth and diversification of SMEs in the Lincolnshire area, this scheme is for both capital and revenue projects. Mostly, grant funding is between £1,000 and £2,000, covering 25% of total costs.
Coverage: Lincolnshire County, England
105. Regional Investment Aid Merseyside
This is a fund designed to alleviate unemployment in Merseyside and provide money and jobs by providing grant funding for small, medium and large enterprises. Basically, this government small business grant can be used for construction, paying staff, or buying and replacing new machinery and equipment.
When it comes to applications, businesses from all types of industries are welcome to apply, apart from those in steel, synthetic fibres, coal, shipbuilding, fisheries or agriculture product production. The funding amount is not stipulated but pinned to the intervention rate set for SMEs and large businesses by the regional aid map of 2013.
Coverage: Liverpool City, Merseyside, England
106. Business Growth Grant
This Business Growth Grant is for slightly more established businesses that can produce a solid business plan and create at least one full-time job as a result of the project and grant.
The Mansfield team will also help you form a growth plan and calculate the costs involved. Up to £5,000 in funding is available.
Coverage: Mansfield District, Nottinghamshire, England
107. Northamptonshire Digital Enhancement Programme
The Digital Enhancement Programme provides financing to support SMEs in digitally enhancing their business. This enhancement could take the form of creating an e-commerce website, upgrading an ordering system, developing bespoke software in-house, developing new digital production or application to support the business’ operations.
To be eligible, you need to have a small to medium enterprise with fewer than 250 employees based in Northamptonshire.
You must also have a clear plan and idea of how new technologies and capabilities gained as a result of the grant will help your business.
However, the government small business grant award offers up to £5,000, 50% match funded.
Coverage: Northamptonshire, England
The Ready2Grow funding scheme is an excellent source of finance for new and expanding businesses based in Northamptonshire. Basically, it targets businesses that are looking for financial and informational support and advice to achieve and sustain growth.
To apply, you will need to reach out to the council and propose a relevant project within your business. The whole process will likely take 8 – 12 weeks. In addition, the government small business grant amount is based on the recommendation of the council business adviser.
Coverage: Northamptonshire, England
109. The Rochdale Apprenticeship Progression Grant
The Apprenticeship Progression Grant run by the Rochdale Borough Council, provides employers with a grant for further educating apprentices. This government small business grant also includes funding for the apprentice. Additionally, the priority areas for funding are management, engineering, manufacturing, and health and social care.
The funding is issued when apprentices progress to advanced or higher apprenticeship qualifications in priority sectors and are residents of Rochdale. £1,000 is available per apprentice with a maximum of two grants per employer.
Coverage: Rochdale Metropolitan Borough, Greater Manchester
110. Rutland Grants and Funding
Rutland County Council offers different types of financial support to new and small businesses choosing to call Rutland County home. These government small business grants are match funded and designed to support a wide range of business applications depending on location and business size.
However, you will need to contact the economic development team for exact numbers.
Coverage: Rutland County, England
111. Evalu8 Low Carbon Transport
Under the Innovation Grants scheme, evalu8 are actively offering consultancy on low carbon transport technology to SMEs in the East of England.
The government small business grant is intended for companies who need advice in developing new products, services, or processes related to low carbon transport technology.
However, there are no specific eligibility requirements beyond those required under the Innovation Voucher Scheme. £1,000 worth of consultancy is available.
Coverage: Herefordshire, Cambridgeshire, Suffolk, Norfolk and Bedfordshire
112. AVDC Business Grant
Established businesses in Aylesbury Vale, those trading for more than a year, can apply for grant projects that help companies continue to grow and improve business performance.
Once an application is received, it undergoes evaluation to see whether the company is eligible or not. If you qualify and would like to receive an application form, you can find them on their website.
The AVDC Business Grant can award a maximum of £5,000 for existing businesses who have traded for more than a year, covering up to 50% of the cost, excluding VAT.
But, turnover is expected to exceed 10% per year from the date the grant is awarded.
Coverage: Aylesbury Vale, Buckinghamshire, England
113. Ashfield Markets grant
The Ashfield markets scheme allows new market traders to get a financial award to support their new venture in moving into the Idlewells Indoor Market. Furthermore, up to £1,500 is available in grant value. It also provides up to £500 for traders looking to move into several local indoor markets.
Coverage: Mansfield District, Nottinghamshire, England
114. Business Startup Grant
Startup businesses in Aylesbury Vale, i.e. those trading for at least three months or up to a year, can apply for these government small business grants aimed at improving their business performance and growth. The fund director is the Aylesbury Vale District Council.
Additionally, the maximum number of employees you should have is 30. The AVDC business fund can award a maximum of £3,000 for early-stage businesses for improving business performance and growth, with AVDC paying up to two-thirds of the project cost.
115. Boost Business Lancashire
Boost, led by Lancashire County Council and funded by the European Regional Development Fund, grants disburses £1.5m to help businesses in the Lancashire area. Also, they cover start-up, high growth and mentoring and a dedicated service that helps businesses grow.
Coverage: Lancashire, England
116. Northern Powerhouse Investment Fund
This government small business grant, Northern Powerhouse Investment Fund, offers different grants categories. There is the fund for recent start-ups and existing SME businesses and £25k – £100k is available.
For SMEs needing to borrow larger amounts to finance growth, £100k – £750k is available. However, for SMEs with ambitious growth plans seeking an equity injection, up to £2mis available.
Coverage: Yorkshire, Humber and Tees Valley, England
117. Grants for Growth (Make It Stoke & Staffs)
Grants for Growth is funded in part by the European Regional Development Fund. For the most part, a range between £10,000 to £160,000 is available on a variable intervention rate of 10% up to 30%. You must also undertake a minimum of £35,000 foryour project to qualify for a grant payment of £10,000
Coverage: Stoke-on-Trent, Staffordshire, England
118. Bucks Business First Grants and Vouchers
£1,000 and £5,000 is available to grow your business in the Bucks Business First Grants and Vouchers. The government small business grant also funds up to a third of the total cost of the project.
Coverage: Buckinghamshire, England
119. Cumbria Infrastructure Fund
The Cumbria Infrastructure Fund was created to promote the delivery of key infrastructure needed to unlock developments that help generate jobs and homes. Currently, CLEP has over £1.6m of CIF funding available to support new projects
Coverage: Cumbria, England
120. Tourism Investment Support Scheme (TISS)
TISS is sponsored by the Welsh government and is aimed at encouraging tourism in Wales. You can find out more about the grant on the website.
Production and Process Innovation grants up to £20k for new product development. PAPI encourages innovation and regional economic development by awarding capital government grants to small businesses to support the development of new products or services.
However, to be eligible, you need to be an SME in York, North Yorkshire, East Riding, and Leeds City Region
Coverage: North Yorkshire, East Yorkshire, England
122. Computers for Rural People
Started by the Arthur Rank Centre, the Computers for Rural People aims at providing rural communities, individuals and groups with high quality, fully-refurbished second hand computers at very low costs.
On the long run, if you are eligible, you can get a fully functioning computer for as little as £130.
Coverage: Staffordshire, England
123. Creative England Games Industry
GamesLab Leeds is a funding and business support programme for talented, ambitious games studios in the Leeds City Region.
To be eligible, you must be an SME in Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, Selby, Wakefield, York, and North Yorkshire County Council.
Coverage: Leeds, England
124. Employer Training Incentive Pilot
The Suffolk Chamber provides Employer Training Incentive Pilot (ETIP) which gives 25% return against cash paid on additional training (maximum claim value per learner is £1,000) for accredited and non-accredited training to help Norfolk and Suffolk SMEs to grow.
Coverage: Suffolk and Norfolk, England
Boost4Health enables SMEs to find and access the best experts and facilities to advance the TRL of life sciences innovations. It offers support to innovative life sciences SMEs in the partner regions to start international collaborations.
Coverage: North West, England
126. ICARES EU Funding
Innovation Cluster Accelerating Remote Sensing (ICAReS) EU funding is by the Kent County Council. €91,983 of grant money is available.
Furthermore, the project is involved in developing a cross border innovation cluster to create the necessary conditions for innovation in the field of remote sensing and advanced data communication and processing.
Coverage: Kent, England
127. Triple A Funding
Triple A funding is an initiative by the Kent County Council. It supports homeowners in several countries to adopt different low-carbon technologies in their homes. The project partners are based in Belgium, France, the Netherlands and the UK. Up to €380,029,11 is available in grant money.
Coverage: Kent, England
128. Low Carbon Workspaces
Low Carbon Workspaces is for SMEs in Buckinghamshire, Hertfordshire and Berkshire. It is aimed at helping business which are looking to cut low carbon emissions, save money and avoid waste. £1000 – £5000 of match-fund grant money is available.
Coverage: Black Country, Buckinghamshire, Hertfordshire, England
129. North East Business Support Fund
The North East Business Support Fund offers grants that can be used for any external resource to help adapt or market their business differently and is aimed at businesses from Northumberland, Tyne & Wear and County Durham.
Furthermore, up to 40% ERDF funding for projects between £2,500 and £8,000 is available – providing up to £3,200 in grant.
Coverage: Northeast, England
130. Energy Saving Trust Grant (Landlords)
Energy Saving Trust Grant (Landlords) offer a number of grants for businesses in Scotland, United KIngdom. Depending the exact type of grant, you may be eligible if your business is situated in Scotland.
131. OBS Elevate Grant
The Elevate government small business grants are open to any start-up or existing small to medium-sized enterprise (SME) (trading less than 12 months) located within the Oxfordshire area. Grants of £1,000 to £3,000 in revenue are available up to a maximum of 33% of eligible project expenditure.
Coverage: Oxfordshire, England
132. Let’s Grow Programme
Over £2000000 is available in this government small business grant. The programme provides grant support for capital investment projects that will create new, sustainable jobs in North Yorkshire, the City of York and the East Riding of Yorkshire.
Furthermore, grant support is available for business expansion and diversification and is designed to help firms expand their operations or to set up new establishments in the region.
Coverage: East and North Yorkshire, England
133. Capital Grants for Essex Businesses
The scheme provides capital grants of £1,500 to local businesses experiencing additional pressures after Essex was placed into the High local Covid alert level by the government.
Basically, the government small business grants will support these businesses to carry out adjustments to premises to enable them to continue to operate, improve their business and ensure the health and safety of staff and customers.
134. Lancashire Manufacturing Growth Fund
£5,400 is available in this grant to support projects with a value of around £15000.
However, eligible projects include those that lead to job creation, help to develop new products or services and bring them to market, plus drive up productivity.
Coverage: Lancashire, England
135. Healthcare & Medical Technology Business Vouchers
Healthcare & Medical Technology Business Vouchers is a programme available to businesses in Staffordshire, England which aims to encourage businesses in the healthcare and medical technology sector.
Coverage: Staffordshire, England
136. Textiles Growth Programme
Textiles Growth Programme is a UK grant programmed based in West Yorkshire and environs looking to encourage SMEs into textile production.
Coverage: Greater Manchester, Derbyshire, Lancashire, Leicestershire, Nottinghamshire, West Yorkshire, England
137. Sustainable Travel Grant Scheme
The government small business grant supports the objectives set out in the Regional Transport Strategy. Up to £2,000 is available in grant money. Applicants are required to demonstrate the potential benefit of the grant investment by indicating the percentage of staff that would benefit from the proposal.
Awards are normally be determined on a monthly basis and where feasible, sustainable procurement practices would be preferred.
Coverage: Aberdeen, Scotland and Leicester, England
138. Key Fund for Social & Community Businesses
Key Fund for Social & Community Businesses offer investment from £5k to up to £300k to community and social enterprises operating in the North of England and the Midlands. They have £17 million in loan and grant to deliver over the next 3 years.
Coverage: East Midlands, England
139. Medilink Solstice
The SoLSTICE programme is part-funded by the European Regional Development Fund (ERDF) and the East Midlands Academic Health Science Network, they offer support to SME’s to innovate products, services and processes. Depending on the particular grant, they have up to £50000 in grant money available.
Coverage: Leicester, England
This UK grant is for businesses that are less than three years, are trading with other businesses and are based in Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, Selby, Wakefield, and York.
Coverage: Leeds, England
141. Agri-tech Cornwall
Agri-tech Cornwall is a £10m initiative to drive research, development and innovation in the agricultural sector, in order to deliver a vibrant and sustainable industry. It is for small and medium-sized companies in Cornwall developing innovations to improve efficiency, profitability and resilience in the agricultural sector.
Coverage: Isles of Scilly, Cornwall, England
142. Business Energy Efficiency Programme
Business Energy Efficiency Programme provides grants of up to £20,000 (up to 40% of the total cost of the project) to implement the recommendations from the assessment and make your business more energy efficient.
Coverage: West Midlands, England
143. Business Growth Programme
Organised by the Stoke-On-Trent City Council, this start-up Programme can give grants up to £250,000. To be eligible, you must be an SME that has been trading for more than 12 months with a project costing at least £40,000
Coverage: Solihull, Staffordshire, The Marches, Greater Birmingham, Stoke-On-Trent, England
144. Collaborate for Growth
This UK government small business grant is funded through the European Regional Development Fund and partners. For the most part, it supports small and medium-sized businesses through grants and tailored impartial advice. Furthermore, it also provides an inward investment service for businesses looking to relocate.
£3.1 million is available from Collaborate for capital projects. This initiative is open to existing firms with fewer than 250 employees, trading business-to-business in Leicester and Leicestershire.
Coverage: Leicestershire, England
145. Conservation Grant Scheme
This programme is aimed at helping with community and rural conservation projects. The scheme provides help for community infrastructure projects and countryside conservation work in the Howardian Hills area of outstanding natural beaut
Coverage: Howardian Hills, Yorkshire and the Humber, England
146. D2 Energy Efficiency
D2 Energy Efficiency have in the past given grants of between £1,000 and £15,000, totalling £957,460 to SMEs in the Derby and Derbyshire areas. The selected businesses are required to handles 35% of the cost of their project.
Coverage: Amber Valley, Bolsover, Derbyshire Dales, Erewash, High Peak, North East Derbyshire or South Derbyshire, Derby City, Chesterfield, England
147. Energy for Business
Energy for Business is a grant programme that offers help to SMEs in the way of business support and product innovation. The maximum employee an SME can have to remain eligible is 249.
Coverage: Nottinghamshire, Derbyshire, England
148. LCR Future Energy
LCR Future Energy provides grants of up to £7,500 to support SMEs in the Liverpool City Region to enter or grow in the renewable energy supply chain.
Coverage: Liverpool, England
149. Proof of Concept Funding
Proof of concept funding provides grants of up to 40% of the total cost of a project (to a maximum contribution of £30,000) for businesses to prove that their innovations have significant economic potential
Coverage: Worcestershire, England
150. The South-East Midlands Start-up
Funded by the European Regional Development Fund, the South East Midlands Start-up Programme provides residents of Bedfordshire, Central Bedfordshire, Milton Keynes, Aylesbury Vale and Cherwell, Northampton, Corby, Daventry and Wellingborough with access to 12 hours of FREE support for small businesses and start-ups.
Coverage: Bedfordshire, England
151. Transport Sector Funding
Transport sector funding is a grant that aims to encourage businesses looking to provide safer and more eco-friendly ways of transportation.
Cities across the East Midlands have been allocated almost £200 million in the Budget to implement greener transport links.
Coverage: East Midlands, England
152. Regional Selective Assistance
Regional Selective Assistance (RSA) funding is a discretionary grant aimed at helping projects that will create or protect jobs in Scotland. The level of grant is based on the size of your business and your location in Scotland.
153. Explore Enterprise Programme
Exploring Enterprise Programme (EEP) provides support to unemployed or economically inactive individuals in NI. It’s designed to fill a gap in the provision of enterprise support. It addresses deprivation, disadvantage and employability barriers.
This support is available for people who are unemployed/economically inactive or working or in training less than 16 hours per week.
Coverage: Northern Ireland
154. Skills Advancement Grant
Skill Advancement Grant provides up to £10,000 for staff training for account managed Invest Northern Ireland customers involved in manufacturing or internationally tradable services This support is available to Invest Northern Ireland customers
Coverage: Northern Ireland
155. Brexit Readiness Vouchers
£10 million available to support trade associations and other business organisations in helping businesses prepare for Brexit. Funds will support businesses across the UK in understanding the steps they should now take to be ready for 31 October 2019
Coverage: Northern Ireland
156. Publications Grant Scheme
Publications Grant Scheme aims to encourage the production and dissemination of publications that will contribute to greater understanding and better community relations in Northern Ireland.
Coverage: Northern Ireland
157. Proof of Concept Techstart NI
Proof of Concept Techstart NI is a £4.5 million fund divided into two grants namely; the Concept Grants – up to £10k and the Concept Plus Grants – up to £35k
Coverage: Northern Ireland
158. Financial Support to Businesses
Created by the Fife Council, the Financial Support to Businesses is an initiative that aims to support and encourage small companies in Fife to invest and grow their business.
Interested businesses must be able to demonstrate that the project they wish to undertake will lead to sales growth and increased employability in Fife.
The fund amount is up to 70% or £10,000 which ever is the lesser of the project and is a fully repayable grant which means any amounts awarded have to be repaid in full over an agreed period.
Coverage: Fife, Scotland
159. Carmarthenshire Rural Enterprise Fund
Carmarthenshire Rural Enterprise Fund is either based on £20,000 per job created or up to the following intervention rates, whichever is the lesser figure: Small Businesses: 45%; Medium Businesses: 35%; Large Businesses: 25%. The maximum grant is £128,000. In exceptional circumstances this may be increased.
Coverage: Carmarthenshire, Wales
160. Accelerated Growth Programme
Accelerated Growth Programme seeks to identify ambitious businesses and entrepreneurs and provide support to help them unlock their growth potential.
The programme offers one to one coaching and mentoring from experienced entrepreneurs, high quality professional advisory services from the private sector, a range of workshops and master classes on key issues facing high growth businesses, peer to peer networking and trading.
161. Site Investigation Fund
Site Investigation fund is for private sector land owners seeking to address uncertainty as to site conditions, de-risking sites in advance of marketing and/or to understand cost implications in advance of remediation works, in relation to both Residential and Commercial Sites
Coverage: Black Country, England
162. Growth Deal Funding
Growth Deal Funding provide funds to local enterprise partnerships or LEPs (partnerships between local authorities and businesses) for projects that benefit the local area and economy.
The government small business grant covers businesses in the The Black Country, that is, Wolverhampton, Walsall, Dudley and Sandwell.
Coverage: Black Country, England
163. Growth Grants
Growth Grants is a match-funded grant that can potentially fund up to a third of the total cost of the project. The minimum project cost is £3,000.
The grant is designed for eligible SMEs who have significant growth plans, a turnover of £100,000 or more and a minimum of two people in the business.
Coverage: Buckinghamshire, England
164. Growth Deal
Growth Deal, through the Local Growth Fund, provide funds to Local Enterprise Partnerships (partnerships between local authorities and businesses) for projects that benefit the local area and economy.
Cornwall and the Isles of Scilly Local Enterprise Partnership has successfully secured £78.23m Growth Deal funding, through three separate awards;
Coverage: Isles of Scilly
165. Big House CDI Grant Icon
This programme is a Creative and Digital Industries D2N2 Consortium for increased SME Competitiveness Project.
Grants of between £1000 and £2500 are available in this scheme. This is for a maximum of 25% of eligible costs. Thus, in order to access the business grant, the minimum project spend is £4000.
Coverage: Nottinghamshire, Derbyshire, England
166. Big House Elevator Grant
Big House Elevator Grant is a project by Nottingham Trent University that provides a range of financial support for businesses. They offer creative and digital SMEs grant funding to employ students and graduates.
Coverage: Nottinghamshire, Derbyshire, England
167. The Enterprise M3 Wood Processing Grant
The Enterprise M3 Wood Processing Grant helps to finance projects that are in line with its objectives of expanding its network of wood processing hubs in England.
168. Invest and Grow
Invest and Grow fund aims to bring forward vital infrastructure projects, boosting the economy and creating jobs. Loans of between £500,000 and £2.5 million are available to unlock developments and enable the delivery of new jobs, commercial space and homes
Coverage: Lincolnshire, England
169. Growing the Humber
Growing the Humber is a scheme offering business investment grants to help grow SME businesses in the Humber area.
Through the provision of additional investment, it is designed to unlock projects that will create jobs and can quickly deliver tangible economic outcomes.
Coverage: Humber, England
170. Green Port Hull
Green Port Hull has a grant available to support business in the renewable energy, green technology, engineering and low carbon sectors with investment projects that will increase productivity, skills and employment
Coverage: Hull, Wales
171. Smart Concept Fund
Smart Concept Fund, by Wolverhampton University, can award grants up to £16,500 at a rate of 55% to help in funding approved projects. The programme will run till 2023.
Coverage: Wolverhampton, England
172. Marine & Maritime SME Growth Fund
Marine & Maritime SME Growth Fund is a £250,000 grant funding competition for small and medium sized marine and maritime businesses (SMEs) and new start-ups in the Solent and New Forest district.
Coverage: Solent and New Forest, England
173. Isle of Wight Rural SME Fund
The Isle of Wight Rural SME Fund is a competitive £300,000 fund managed by Natural Enterprise on behalf of the Solent Local Enterprise Partnership (LEP) that seeks to support the Solent’s economy byproviding grants of between £2,500 to £25,000 to rural small and medium sized businesses (SMEs) that require capital investment and assisting the rural sector on the Isle of Wight.
Coverage: Isle of Wight, England
174. Invest to Grow
According to their website, the University of Derby’s Invest to Grow programme provides grants and loans of between £15,000 and £250,000 to support private-sector businesses across the East Midlands to innovate, grow and create jobs. The programme is now funded by the repayment of loans awarded to successful applicants.
Coverage: Derbyshire, England
175. Invest to Grow
Keele University funds research project, from around £2million per year in 2002/03 to £5million per year by 2013/14. All this funding is won in competition with other universities in the UK and world-wide, for the best scientific ideas with the greatest potential impact on improving human health.
Coverage: Keele, England
176. Internment Subsidies for Employers
This government small business grant is available for UK Micro, SME, Not for profit or registered Charities who recruit University of Exeter students as interns. The funding eligibility and conditions will be confirmed in January.
Coverage: Exeter, England
List of Closed/Inactive Business Grants
Business grant schemes are in the habit of opening and closing several times over their lifetime; below, you will find business grant schemes that are both temporarily and permanently closed. If you can’t find anything relevant to your business on the main list, it’s worth checking this list to see if any grants here have become active again.
However, the may include government and federal small business grants
178. Power to Change Community Business Fund
The Power to Change Fund is designed purely to support community-based businesses in the UK. This means businesses run by local people for local people, in the way of protecting local services and meeting local needs. Aside from social entities, community interest companies and charities, they do fund limited companies but are very strict on the community criteria. Take a closer look at the four essential features of a community business.
However, you will need to propose a project beyond your usual line of business, provide a full year’s accounting information and be able to fund part of your project from another source. Power to Change funding runs from £50,000 to £300,000. Note that they will not fund projects in full; you will require some other source of internal or external finance to put towards the project proposed.
179. Grant for Business Investment (GBI)
GBI is a government small business grant offered by the Regional Development Agencies (RDAs). These mainly intend to help businesses expand and diversify their perspectives. It can help entrepreneurs set up a new company or fund a new project.
The grants are given to high-budget projects whose outcomes can be evaluated on a long-term basis. Most often, these government small business grants go towards funding projects that can bring prosperity to economically deprived areas. They are specially granted to offshore wind manufacturing projects. You can apply for the award directly from the GBI website.
The minimum financing offered is £10,000. The grants are available for businesses of all sizes with different ratios of total project funding provided.
180. Plug-in Van Grant
As part of the government’s aim to push haulage and transport businesses to switch to electric vehicles, the plug-in van grant scheme offers business owners of N2 and N3 class vehicles 20% off the initial purchase price, subsidised by the government.
As part of the scheme’s eligibility requirements, the purchased vehicle must fulfil commercial performance criteria concerning its range and safety and must output ultra-low tailpipe emissions.
To date, the government grant has funded the purchase of more than 2,500 vans. Funding offered is in the form of a 20% price cut for regular vans costing up to £8,000, with the grant/discount applying to a higher price limit of £20,000 for the first 200 heavy electric vans bought.
181. Develop & Fund Your Creativity (British Council Grant Scheme)
This fund focuses on fostering innovation and development within the creative industries, including art, fashion and design. A further focus is the development of young people in these sectors, as well as fostering collaboration between countries and cultures. Within this area, grants and programmes run on a rolling basis with new calls coming out regularly; the majority are business relevant, including the Artists’ International Development Fund and the Shorts Support Scheme. Funding varies grant to grant.
182. Grants for the Arts
The Arts Council have been funding creative projects across England for decades, providing government small business grants to organizations running a vast range of art and cultural initiatives.
Grants for the Arts is a funding programme to support art organisations and individuals in visual arts, dance, theatre, literature, music and more. To be eligible, you must be furthering art and culture, creating a long-term impact and providing a project that is accessible to anyone, such as a play at the theatre or an art installation. To date, the Arts Council has given out £1.5 billion in funding and grants to eligible projects. Grant for the Arts provides between £1,000 and £100,000 in funding, which may cover up to 90% of a project.
183. Collaborative Research and Development
The collaborative grants scheme endeavors to push forward the boundaries of technology by providing significant government small business grant funding to fund and accelerate research and development programmes run by UK organisations developing new products, services or processes.
To qualify for collaborative R&D grants, you must be a UK research organisation or business, be working in the science, technology or engineering industries and be collaborating with a fellow research partner or company.
These government small business grants can cover up to 60% of the total project cost and can be anywhere between £25,000 and £5 million.
184. Spaces 4 Change (Ultd Grant)
The Spaces 4 Change program aims to support young social entrepreneurs in taking ownership of vacant or under-utilised spaces in their local area to use as an office or retail outlet for a new social venture.
To be eligible for the programme you will need to be 16-24 in age and based in the UK. You can apply as an informal group or individual and must have a clear project plan in place with specific outcomes. Up to £5,000 in funding is available.
185. Do It Awards (Ultd Grant)
In their own words, the Do It Awards are here to “help you to create more positive social impact”. They are designed to provide one-to-one support, expert advice and a range of resources for young social entrepreneurs who want to turn their idea into a thriving social venture. Monetary finance is not specified, and it is unclear what form this investment would take. It’s best to ask before applying.
186. Low-emission Vehicles Grant
The plug-in grant allows auto manufacturers and dealers to apply to get grant funding to reduce the price a business or individual will pay for any given car that meets government emission or electric targets. Thus, reducing the overall cost to the customer and generating more sales for dealerships and manufacturers of economical car models.
To be eligible, you will need to be a car dealership or manufacturer, and you will have to apply on behalf of the customer. Vehicles available for a grant include select category one, two and three cars as well as motorcycles, mopeds, hybrids and vans (in this case, a plugin in van grant may be better). The scheme offers 35% off the purchase price up to a maximum of £3,500 on eligible vehicles.
187. The Environment Now
In partnership with O2, the National Youth Agency are running The Environment Now programme, providing grants to young people aged 17–24, who have come up or are coming up with innovative ways to use digital technology to provide innovative solutions to environmental issues.
The grant is primarily for young people using innovation to improving energy efficiency, recycling, and reducing waste. Aside from a grant, you will receive work experience, mentoring and professional insight into your project area. The Environment Now grants scheme from O2 offers up to £10,000.
188. The FedEx Small Business Grant
The FedEx goverment Small Business Grant is a general funding award offered to UK-based or global small and medium businesses that have been in operation for two or more years with fewer than 100 employees.
The initial stage of the application requires you to submit details about your business goals to FedEx online. A shortlist of companies will be asked for business plans before they reveal the winners of the grant. The FedEx government Small Business grant is worth up to £20,000, with smaller grants of £5,000 for two runners-up. Note that this competition is currently only open to US startups.
189. Heritage Lottery Fund Start-up Grants
Heritage Lottery grants are only available to individuals running a non-profit organisation or entrepreneurs who are going to start a new business. They can also help entrepreneurs with introducing new setups for their companies. The Heritage Lottery Fund also considers the outcomes of your business endeavours when assessing applications. The applications remain open for the whole year so you can apply at any time. It takes eight months to process an application.
Heritage Lottery Fund Startup-up Grants have no amount of funding specified; you’ll have to apply or enquire to find out.
The Launchpads grant funding competitions are for companies looking to turn new, innovative and exciting ideas into viable commercial projects. The grants are primarily for businesses in specific areas of the country and are allocated three times a year, though these change intermittently; check the site for details.
To be eligible for these government small business grants, you need to be a small or medium-sized business in the early stages of development, working in the technology industry. However, you must be in an applicable geographical cluster, or be planning to move there, and have ambitions to grow your company. Furthermore, Launchpad funding competitions typically run three times a year and offer up to £100,000; but you must be able to match the grant amount with the same amount of private or self-funding.
191. Small Business Research Initiative (SBRI)
The SBRI initiative provides contracts and funding for businesses to carry out research or development of new products or services for the public sector.
The programme aims to fund innovative ideas that can enhance public services or solve a specific public-sector problem. Any business is eligible to apply for an SBRI contract or grant. SBRI Initial funding is between £50,000 and £100,000, with further funding of up to £1 million available to develop your project or idea further.
192. Smart Grants
The Smart Grants scheme provides grants for startups researching and creating significant technological or scientific breakthroughs.
Three kinds of Smart Grant are available: Proof of Market, 60% match funds, £25,000, Proof of Concept, 60% match funds, £100,000 and Prototype Development, 45% match funds, £250,000
However, the level you can apply for depends on the stage of your company, your finances, and what you are looking to develop. You will need to be an early-stage business, have serious growth ambitions and work in the technology, science or engineering fields. Smart Grants range between £25,000-£250,000.
193. Innovation Vouchers
Innovation Vouchers represent a relatively small but useful government grant to develop an innovative idea or new product by giving you expert know-how.
Innovate the UK will help you source the right expert for your business from one of the following: Universities & FE Colleges, Technology and Research institutions, Consultancies and Catapult centres, Advisers on design and IP Advisers.
You can apply and get more information on Innovate UK here. Innovation Vouchers cover up to £5,000 to pay for externally-based experts and consultants to grow your business.
194. Childcare Business Grants Scheme
A recently opened grants programme, the Childcare Business Grants Scheme is intended to support entrepreneurs in setting up their own childcare business. This grant programme is part of the UK government’s strategy to increase the amount of childcare available to UK working parents while decreasing the overall cost.
Only new businesses are eligible to apply for this grant; this means any company not more than three months old, registered after 1st May 2017. Grants are available for three specific types of business:
Early years childcare provider or childminder on domestic premises
Early years childcare provider or childminder working with special needs or disabled children on domestic premises
A standard Childminding Agency
The scheme comes from the Department of Education. There is a limited amount of funding available, and the programme will stop once this fund has expired, so apply soon! Childcare grants range from £500 to £1,000 in amount.
195. Feasibility Studies
Feasibility studies grants will support you in testing a new business idea to see if it will work. For the most part, this includes new product development, new process development, business model development and service development.
However, to qualify, for this business grant, you must be a UK-based research organization or business. Furthermore, you must be able to showcase your final project at a national collaboration event. In addition, your proposals must be business focused and meet the theme of the grant. 70% grant-funded up to the amount of £400,000 is available; research organizations can get up to 100% depending on the project.
196. Growth Vouchers Programme
The Cabinet Office Behavioural Insights Team, in collaboration with the Department for Business Innovation and Skills (BIS), run the Growth Vouchers Programme. The programme offers to cover the costs of expert advice needed by a business from individual and group consultancies in the private sector.
However, the advice areas covered under the scheme including digital technology, attracting customers, marketing, recruiting, empowering staff, enhancing leadership skills, management training, raising external finance and managing company finances.
Most small businesses are eligible for the Growth Vouchers Programme; you will need to fill out paperwork in advance and afterwards to claim back money spent on consultancy. The Growth Vouchers Programme offers varying amounts of funding from year to year.
197. Design Leadership Programme
The design leadership programme offers the public sector, businesses and universities a bespoke package of support and coaching to help them use design to innovate and grow. The funding is also available to science-based startups. The full cost of the packages available through the Design Leadership Programme for technology ventures range from £1,000+VAT, depending on the need and scale of the business. You can contact the council at the following email address: email@example.com.
The Design Leadership Programme is a subsidised programme offering up to 10 days of design and innovation-focused mentoring over a period of 6 to 18 months. Most programmes cost between £2,000 & £10,000; if your application is accepted, you will receive a subsidy, meaning you will only have to pay 50%. This grant is only available to businesses located in Barrow-in-Furness Borough, Cumbria, England.
198. Small Capital Grants and Large Capital Grants
A funding programme from Arts Council England is enabling organisations to acquire the right equipment and infrastructure to deliver their work, becoming more productive and resilient in doing so. The grant aims to increase innovation, sustainability, and environmental friendliness within the companies it funds.
To be eligible for funding, your project must fit the Arts Council criteria (Arts and Culture), your grant request must be for capital expenditure, and you cannot receive National portfolio funding. They also advise speaking with the Arts Council about your project before applying.
Small Business Capital Grants and Large Capital Grants offer up to a maximum of 85% of the total project cost with a grant amount between £100,000 and £499,999, with Large Capital Grants going significantly higher.
199. The Great UK Challenge Fund (UKFC)
Run by VisitEngland, the Great UK Challenge Fund supports businesses delivering economic benefit and job creation through a new project. The funding is available to innovative companies operating in the tourism, education, trade and investment sectors across the United Kingdom.
The fund is over £2 million and is part of the GREAT campaign. Businesses operating in the tourism sector or bringing in international students for education are particularly attractive to the scheme. The Great UK Challenge fund offers to fund between £50,000 to £200,000.
200. Women in innovation (In-focus funding award)
The women in innovation awards programme represents one of the best programmes available to women in business, providing significant grants for female entrepreneurs and leaders.
Awards go to women working across four sectors; enabling cutting-edge technologies, infrastructure systems, health and life sciences and manufacturing and advanced materials. You can be an employee, company owner or sole trader working in innovation. Twelve women will receive a bespoke support package, with four of these winners receiving £50,000 each.
201. Leicester for Business
Leicester for Business is for pre-startup and business support. You must have a business address in Leicester, have no more than 249 employees and be over the age of 19 to avail the grant. Business support is offered to individuals thinking of becoming self-employed or starting a limited company.
The maximum amount of funding you can get is £3,000. Startup companies are introduced to a network of clients and exposed to workshops and seminars which can help them grow. Small businesses will receive a business coach for 12 months to aid their sustainability and growth.
202. Community Business Bright Ideas Fund
The Community Business Bright Ideas Fund is here to support community businesses by providing early-stage capital and expertise, aiding in turning ideas into businesses and growing existing community companies.
All community-run and owned businesses, including but not limited to community interest companies, can apply for support and funding. The Community Business Bright Ideas Fund offers up to £15,000; the stage of your venture will affect the amount of finance you can access.
203. E-Business Grant
Run by the Welsh Government, E-Business grants focus on helping businesses develop eCommerce services. You should have less than 250 employees and must be in business for at least a year. You can apply for the e-business support on the Welsh Government’s business website.
The E-Business Grant schemes offer a maximum amount of £10,000 in funding. Businesses must be dealing with B2B type operations, and be situated in the convergence area of Wales to be eligible.
204. Ceredigion Micro Business Investment Fund
A grant from Ceredigion Micro Business Investment built to support businesses in the Ceredigion area in improving current revenue streams or developing new ones. New companies or applicants who will create jobs have priority.
The grant can cover costs including website development, IT infrastructure, attending tradeshows and more. You can apply by reaching out to the fund assessment officer at the council. This grant provides £1,000 – £5,000 in funding to a maximum of 40% of the total project cost. To be eligible for this grant, you must own a business based in Ceredigion County, Wales.
205. Business Development Grant
Run by Denbighshire County, this grant intends to assist small companies in growing or new businesses in starting. To be eligible, you must show there is no alternative source of finance available to meet your project needs.
The Business Development grants offer awards between £500 and £10,000 up to 50% of the full project cost. A cap of £3,000 applies to any applications for marketing. To be able to apply for this grant, your business must be in Denbighshire County, Wales.
206. Sustainable Routes
A government-funded small business grant initiative, Sustainable Routes create travel efficiency plans for individuals and businesses, to cut down on travel time, mileage costs and CO2 output. They also offer grants towards the cost of creating and implementing a travel efficiency plan in the workplace.
All businesses are eligible, particularly those who are interested in reducing their environmental impact while cutting travel costs. Up to £1,000 is available in travel funding.
207. Biffa Award
This government small business grant which is based in UK, supports not-for-profit companies who are looking to improve their local community. They achieve this feat by starting or growing projects near landfill sites in the fields of recreation, partnership, rebuilding biodiversity and community buildings.
Biffa Award eligibility varies based on the location of your project. Check the website for more specific details. Projects up to £199,000 are eligible; typical grant sizes are not specified but assume some level of match funding is required for larger grants.
208. The Carbon Trust Green Business Fund
The Carbon Trust operates the Green Business Fund, which covers a certain amount of capital costs for medium and small businesses in the UK when buying energy reducing or saving equipment.
The government small business grant scheme covers the entirety of the UK, minus Northern Ireland. To be eligible, you will need to purchase equipment from a Green Business Directory or BESA supplier; the funding is awarded on a first-come, first-serve basis until it runs out. Up to 15% of total project costs with a maximum grant of £5,000 is available.
209. Discover England Fund
This government small business grant is a £40 million fund run by Discover England designed to support the tourism industry in being competitive on an international landscape. The fund mainly promotes inbound tourism with an emphasis on getting tourists to explore other parts of the UK rather than just London, by creating better transport links and offering customers easy booking options online.
Grants are available for small-scale pilot projects and large-scale collaborative projects. To be eligible for a grant award, you will need to be creating or providing a world-class tourism product or service. The funding amount is not stipulated but depends on the project size. As it is a massive government grant project, we assume there’s a requirement for match funding. Note that this programme is nearing the end of its final implementation period and new applications are likely no longer accepted.
210. Britten-Pears Foundation
The Britten-Pears Foundation supplies grant funding to a range of initiatives involved in music, pacifist and local causes. Concerning grants for music, the foundation has funded many musical projects over the years, including composition retreats and much more. They are currently reviewing funding calls, so be sure to check the website for the latest programmes. The government small business grant programmes are most likely to be relevant for music-based businesses.
211. World of Opportunity SME Grants Programme
To celebrate more than 20 years of the Heathrow Business Summit, Heathrow Airport has established a grants scheme offering small grants to support growing businesses in travelling to new export markets.
The World of Opportunity SME Grants Programme provides up to 20 SMEs with funding awards to support trade missions, international trade show attendance or market research abroad. Up to £2,000 in funding is available.
212. HS2 Supply Chain Programme
As part of the £33 million Business Growth Programme, the High Speed Two Supply Chain Programme is working with four Local Enterprise Partnerships (LEPS) in the Midlands area to support businesses in securing a commercial contract in the HS2 supply chain.
To be eligible, you must meet the criteria above, and your business must purely operate in the B2B sector and be based in areas belonging to one of the four LEPS. From £20,000 to £167,000 in funding is available per project. The grant can cover between 10% to 50% of the overall cost.
Coverage: Birmingham City Council, The Marches, Stoke-on-Trent and Staffordshire and Greater Birmingham and Solihull.
213. Food Processing Grants
Offered by a combination of government departments, the Food Processing Grants Scheme is funded by the European Agricultural Fund for Rural Development.
The scheme endeavours to enable businesses to make capital investments to create a new company or grow within a rural area. This programme aims to develop the rural economy and generate sustainable employment in the countryside.
To help you get started, you will find full details on the programme under the RDPE Growth Programme documentation.
However, note that there are significant requirements to be eligible for this UK based government small business grant. The typical minimum grant size is £35,000.
Coverage: North East, North West, Midlands, Yorkshire and Humber, East Midlands, South East and South West
214. Social Impact Investment Fund Grant Scheme
In collaboration with Sellafield Ltd, Allerdale Borough Council has set up a social impact fund with one of the primary purposes being to provide funding and grants to support and grow startups and small businesses in the Allerdale area.
The scheme focuses on grassroots small businesses or new ventures in the Allerdale area that can have a positive social or economic impact. Furthermore, an applicant to the grant scheme must demonstrate that they have faith in their business venture, having put finance into their business before the application, or by raising funding from an external finance source, such as through investment, the bank or a loan.
If you are looking for low-cost loan finance, they also provide loans for more substantial amounts and competitive rates compared to traditional lenders. The grant is administered annually with no specific funding amount specified. You will need to fill out an expression of interest form to find out more.
Coverage: Allerdale Borough, Cumbria, England
215. Shop Front Grant Scheme
Launched in 2014 by the Barrow Borough Council, the Shop Front Grant Scheme has a £120,000 fund and provides grants for businesses on specific streets in Barrow town center who are looking to renovate or upgrade their shop fronts. This could include new windows, facias, signage or lighting. The government grant is for small businesses and small independent retailers with fewer than 50 employees.
Furthermore, to be eligible for the grant, you must be enhancing the property in some way rather than carrying out maintenance. Your business must also be open five days a week, must occupy the unit or building proposed for renovation and have property ownership or tenancy for a minimum of 12 months.
Further to the above conditions, projects must be professionally designed, cover only exterior finish, and you cannot have successfully applied for a previous Shop Front Grant from the 2010 or 2012 scheme. If you sell the property that uses the grant, or if the business closes within two years, a percentage must be repaid depending on the time elapsed. The grant size applied for can vary, but the grant can only fund 75% of any renovations or work; the owner or grant applicant must provide the further 25%.
Coverage: Barrow-in-Furness Borough, Cumbria, England
MURABAHA: Best Practices Simplified!! (+ Detailed Guide)
However, banking institutions have to make a profit in order to stay in business. Hence, what course of action is open to the bank? The Murabaha model offers a solution. Therefore, on this topic, you will have more insight into Murabaha mortgage loan practices, types, advantages, and disadvantages. Also, this article contains the application of Murabaha in Islamic banking, with a few pdfs.
Murabaha, also known as cost-plus financing is a structure in Islamic finance. It is a sales contract in which the seller and the buyer agree on the cost-plus price and profit of an asset. Moreover, a number of Islamic banks today have adopted types of Murabaha as a mode of financing. Murabaha on the other hand is a contract sale between the bank and its customers. The bank purchases a good and sale at a price plus a profit margin for the bank to its customers.
Murabaha is quite different from other financial loans, this is because it doesn’t involve interest. The seller and the buyer agree on an asset or good at a price and profit margin or mark-up. However, according to the Islamic religion that money is just a means of exchange. Every Islamic bank is barred from putting interest in a loan. They can only charge a flat fee to continue their daily activities.
Read also: World Bank Grants: All You Need To Know.
What Is The Purpose Of Murabaha?
The purpose of Murabaha is to finance a purchase without any interest payments. Because issuing conventional loans and charging interest on them are considered interest-based activities.
However, putting interest in murabana is considered haram, which is prohibited according to Islamic shariah. Murabaha has been a default financing structure for Islamic banks.
Types Of Murabaha
Essentially, there are two types of Murabaha which include:
#1. Purchase Orderer Murabaha
This contract involves the bank specifically purchase an asset or goods for their clients. Its client on the other hand agrees to buy the asset from the bank with a sale price based on an agreement with the future settlement terms.
#2. Commodity Murabaha
The commodity Murabaha is an instrument used in Islamic interbank business and activities. Note this, the source of funds for Islamic banks is based on the interbank transaction. basically, we can describe it also as a financial instrument used to fund the Islamic bank’s short-term liquidity requirement.
The Murabaha loan type of financing is basically used in place of loans in different sectors. Islamic financing in different forms is playing a very increasing vital role in the money markets. In essence, Islamic financing provides financial services in agreement with the sharia law. In sharia law, there is no issuing of receipt or interest payment. Because of this, the sharia board comes in to regulate the activities of Marabaha, so it doesn’t go against the sharia law.
Thus, it is clear that any business transaction having a predominantly speculative nature would not be eligible for any Islamic financial loan. However, consumers use Murabaha loan in buying cars, real estate, and household appliances. Meanwhile, businesses use it in buying equipment and raw materials. For short term transactions, Murabaha is used in issuing credit letters to importers.
See Also Related Article: SBA Loans Guide + How to Apply, Eligibility & Free Easy Tips.
Murabaha contract sale, the bank purchases an asset or good for its clients, and sell it to them at a cost-plus profit. The profit stands as a markup that both the bank and its clients agree on before the transaction. However, the client can make a lump payment when the good is delivered through a deferred payment installment plan.
So, based on this type of contract, a set fee is charged rather than riba (interest), and is legal in Islamic countries. Still, many argue that the Murabaha contract loan is another means of charging interest. But, the differences lie in the contract structure. Murabaha contract allows the bank to purchase an asset and sell it to its client with a profit charge. It’s also a contract of exchange based on sale-and-purchase contracts with a predetermined cost and profit. Murabaha contracts have its controversy with some Islamic scholars argue that it does not share the risk, thus are not sharia complaint. Moreover, experts have estimated that such contracts constitute up to 80 percent of the global Islamic finance volume.
You can also read: The Ten Most Valuable Brands.
Example of Murabaha
Mr. William wants to buy a car from Mr. Adam for $100,000 but does not have enough money. Mr. William will contact the Murabaha bank and request they buy the car from Mr.Adam on his behalf. The bank now buys the car for $100,000 and sell it back to Mr. William for $109,000, the $9,000 is the cost-plus profit. Then, based on the installment period, over three years after the car is delivered, Mr. William has to pay back the bank. Before then, both parties have agreed on the profit and cost of the car at the onset. Therefore, there’s no financial uncertainty in the transaction.
The Murabaha mortgage is often used in commercial property finance structures by the Islamic banks. This also includes buy-to-let mortgages as well and is only in line with the sharia law in form and not in spirit. Murabaha mortgage required the buyer to finance a percentage of the asset to be purchase upfront, mainly up to 20 percent. Therefore, this option is suitable for people who are starting out with some capital behind them.
The key benefit of Murabaha mortgages is that from day one, the property officially belongs to the buyer, it is registered in their name. But the repayment period and monthly repayment amounts are agreed upon between the buyer and the lender. With repayments plan fixed for the term of the buyer’s mortgage. The maximum repayment term is 15 years, and you can repay the loan in full at any point without penalty.
Advantages and Disadvantages of Murabaha
One advantage of Murabaha in Islamic banking is that it is used as a mode of financing. Clients who need funds to purchase some commodities are given such loans. The client has to identify the asset he needs to purchase and the bank makes it available via the Murabaha facility.
What are the disadvantages?
You have to take note, not every commercial risk is minus in Islamic finance like Murabaha. So, below are some disadvantages of Murabaha as part of the Islamic finance structure:
- There is no agreement based on Sharia interpretations of innovative financial products. Therefore, some Murabaha is based on prevailing interest rates rather than economic or profit conditions.
- Documentation is often tailor-made for the transaction, so high transaction and issue costs.
- Can be difficult to balance the interests of the financial institution with those of other stakeholders.
- With no interest, it is still hard for some Islamic instruments as debt. Therefore, losing the tax benefit and increasing the WACC.
- Some Islamic products may not be compatible with international financial regulation.
- There is no hedging, all Islamic banks cannot minimize their risks, that’s just one of the disadvantages.
Application of Murabaha in Islamic Banking
Murabaha also referred to as a cost-plus sale. It is a type of sale whereby the seller is under obligation to reveal the actual cost of an asset to the buyer. The two parties mutually agree on the mark-up (profit) and the repayment terms and conditions. The asset, good, or commodity must exist at the time of sale and the seller must have physical possession thereof.
In general, contracts relating to Murabaha should be a channel in different financial structures which include mortgages, trade finance, major asset financing. Also, in cash management, working capital financing, letters of credit, and syndicated loans.
Below are some few pdfs on types of Murabaha you should download to learn more:
Murabaha is not a mode of financing in its origin. It is simply a sale on a cost-plus basis. It should neither be taken as an ideal Islamic mode of financing. Better still, as a universal instrument for all sorts of financing.
Read Related Article: 7 Small Business Branding Ideas That Will Yield You More Profit.
Microfinance Bank Updated List 2021: (+ how to apply guide)
In the world today, poor people have been traditionally excluded from formal financial services. But through innovative financial structures, such as group lending, microfinance institutions have been able to address the challenges. Moreover, they are able to achieve this by lending to the poor services like microcredit, micro-savings, microloan, and more. So, this article contains a lot of promising content on functions of microfinance banks, loans, and how to apply for the loans. Therefore, read through to the end of this article for the latest updates on this topic.
Microfinance is a form of loans granted to individuals or groups of low income who don’t have access to other financial services.
You can also refer to microfinance as microcredit, meaning small loans offer to poor clients lacking access to credit. However, this is to help them start up a small business. Basically, three features distinguish microfinance from other formal financial products which include:
- The smallness of loans and savings.
- Absence of collateral.
- The simplicity of operation.
Mostly, microfinance help in promoting economic development, employment, and the growth of a nation. Also, it helps the poor to manage their finances more effectively by taking advantage of economic opportunities.
Microfinance banks are institutions established to offer assistance to individuals and small-scale businesses to obtain small credit or loan facilities.
Loan facilities of microfinance are given for the following reasons, business, assets procurement, Agriculture, Educational purposes, etc. Therefore, individuals and businesses can apply for Microfinance loans as long as they meet the requirements provided by the bank.
Functions of Microfinance Bank
One of the factors that can hinder the growth of the business or completely destroy it is lack of financial backup. Therefore, in other to tackle this issue of financial lack, microfinance banks were established. They help small business owners with microloans as a means of assistance to run or grow their business. Below are some common functions of microfinance banks:
#1. They grant loans in its smallest unit
The primary functions of microfinance banks are to provide microloans to individuals or groups in need of it. But these individuals or groups must meet all of the requirements for acquiring such a loan.
#2. They help to alleviate poverty
The government’s primary objective for alleviating poverty is to provide job opportunities and provide income-generating means for businesses. Therefore, microfinance banks are the major players in this aspect as they provide credit facilities to individuals and businesses. This makes the functions of microfinance banks much important in the poverty alleviation of a particular country.
#3. They create employment opportunities
The individuals, groups, and businesses provided with loan facilities will in turn engage the services of other people. Thereby providing employment opportunities like secretaries, receptionists, sales officers, cleaners, etc, for other people in their businesses.
#4. They help to increase both small and micro businesses
Microfinance banks make provisions for people with business ideas to bring their dreams to reality. Gone are the days when people think business is only for the rich and influential. Now, anyone can walk into any microfinance bank for a loan to start a business.
#5. Promotion of agricultural production and development
Microfinance banks make provision of credit facilities to farmers. These farmers get these loans for buying modern-day farming equipment such as tractors, plough, etc.
Read More: List Of Government Grants For Individuals
Microfinance Bank Loan
In business, sometimes you need a little more capital to expand your operation and meet your goals. So, MFB loans are there to help you maintain and grow your business. Hence, there are various types of loans granted by the microfinance banks, these include the following:
- Individual Loan
- Group Loan
- School Improvement Loan
- School Fees Loan
- Small Enterprise Loan
- Asset Finance Loan
- Working Capital Loan
- Consumer Loan
Note, each of these microfinance bank loans has its own requirements but has no collateral attachment.
List Of Microfinance Banks In Nigeria
Research has proved that there are over 1015 MFB officially registered and approved by CBN to provide microfinance loans. But, below are the top 11 of these microfinance institutions in Nigeria you should know.
1. ADDOSSER Microfinance Bank Limited
2. LAPO Microfinance Bank
3. Mainstreet Microfinance Bank Nigeria
4. Accion Microfinance Bank Limited
5. AB Microfinance Bank Nigeria
6. Fina Trust Microfinance Bank
7. Microfinance Mutual Trust
8. FINCA Microfinance
9. Fortis Microfinance Bank Plc
10. Rehoboth Microfinance Bank
11. Nirsal Microfinance Bank
LAPO Microfinance Bank
LAPO microfinance bank is one of the great and successful micro-financial institutions in Nigeria since the late 80s. They have become a household name in Oyo, Kwara, Lagos, and Ogun State. Hence, the bank has helped over one million entrepreneurs and individuals across Nigeria. In 2010, LAPO MFB obtained approval from the Central Bank of Nigeria (CBN) to operate a regulated microfinance bank. However, LAPO was licensed as a national microfinance bank in 2012 to undertake microfinance banking activities in Nigeria.
LAPO’s main goal is to create and develop small businesses into a profitable business in Nigeria. Thus, it provides entrepreneurs with amazing money lending and microfinance services. If you talk of a microfinance bank that gives listening ears to the needs of its seasoned and potential clients you talk of LAPO.
Moreover, they are aimed at reducing poverty with a pro-poor movement which is done by empowering low-income individuals. This they do socially and economically by giving individuals access to sustainable financial services. They offer unsecured loans of up to NGN 500,000 for small businesses and NGN5,000,000 for small and Medium-scale Enterprises.
LAPO MFB’s engagement in microfinance is much more than business as usual. It is about the development of people, particularly women. Meanwhile, the bank is governed by the board of directors and the management team.
Nirsal Microfinance Bank
Nirsal microfinance bank is a CBN licensed institution offering credit facilities for many purposes in Nigeria. These purposes include Agricultural loans, Microloans, SME loans, and Asset Financing. They offer these loans at a competitive rate with large loans always available for individuals who are in need of financial services.
Basically, extensive paperwork is needed to access larger loans at Nirsal microfinance bank. You will also need a guarantor for some loans and the individual seeking these loans must attend compulsory training. Moreover, to gain access to any form of a loan at Nirsal microfinance bank, you must possess the following requirements:
- Letter of employment
- Staff identity card
- 6 months statement of account
- Other forms of identification (National Identity card, international passport, etc)
- Utility bill
- 2 passport photographs
- Guarantor form
- 6 months other bank account statement.
- Letter of confirmation of appointment/employment.
- Every direct debit is placed on the customer’s account.
- Execution of dud cheque indemnity form.
How To Apply For MFB Loans In Nigeria
The interest rate on Microfinance loans ranges from 5%-6% depending on the loan size. Meanwhile, the tenure of the loan depends on the loan type. And this tenure may range from 1-3 months, 4-6 months, and 4-12 months respectively. However, the maximum maturity date is 18 months which only applies to businesses who are granted up to 5 million naira credit facilities.
Hence, to apply for microfinance bank loans in Nigeria, the following three major factors should be considered:
- Customer must have at least 6 months active and serviced bank account. This is to prove creditworthiness to the bank.
- Basically, every individual seeking MFB loans is advised to distinguish his personal account from a business account for proper accountability.
- For Small and Medium Scale Enterprises, the business must be active for at least one year. Also, the business must have operates from the same location for at least six months.
Documents Required When Applying For a Microfinance Loan
Generally, any individual seeking a microfinance loan in Nigeria must provide the following documents.
- Loan application form
- Excellent Business Proposal (for SMEs)
- Letter of Application (for individuals)
- Valid means of identification (National I.D card, International Passport, Driver’s License)
- Copy of recent utility bill
- 4 recent passport photographs
- Evidence of the business location
See Also: World Bank Grants: All You Need To Know.
MFB has served and still serving as machinery to governments. As it has been a means of promoting economic development and growth. Research has proved that MFB has played a vital role in providing job opportunities and supporting small scale businesses. They have created many means of poverty alleviation in general. So, as a small business owner seeking a way to grow your business, MFB should be your best option.
Micro Loans: Guide To Help You Make Informed Decisions (+ All You Need)
As a new business owner, microloans are the type of loan you should be putting into consideration. This type of loan will serve as a means of the fund you need to make your business grow. Therefore, in this article, you will find useful information you need to know about microloans, and how it works. Meanwhile, this article also contains all you need to know about microloans for small businesses. And as well how you invest as an investor and how you can apply for the loan as a new business owner. So, take your time to read through the end, as there is so much to benefit from this article, this includes also microcredit. Just like invoice factoring a means to raise funds for business, so also are microloans. Now, let’s go further in explaining more on this topic. But first, what are microloans?
Micro loans Definition
Microloans are the type of loans always considered to be a small loan, lend by an individual to new businesses. It is also a small loan lend at low interest known also as Microcredit. Mainly, microloans are issued by a single individual or number of individuals rather than banks or credit unions. The number of these individuals as the case may be, each always contributes a portion to the total amount of the money.
Moreover, countries, where traditional financing is not available, as the third world countries, is where microloans or microcredit are often given to people. This helps them in starting up a small business with the loan. Though the lenders get interested in their loans, at a low-interest rate, this makes microloan good for small businesses. Because microloans are not mainly backed up by collateral, is kinda risky to the lenders. Meanwhile, the lender is likely to get part or no refund of his loans if the borrower defaults.
As part of five big grants for small businesses, microloans serve as a means to help the poor start a small business. Also, help lend to individuals in the developed countries who cannot obtain credit from the bank due to bad credit history. Nevertheless, Lending Club and Prosper are two big companies mainly known for microlending which is the same as microloans. Lenders always issue this kind of loan to the borrower they are very sure will pay back with the interest rate. This is because microloans are not always guaranteed as it is typically not backed with any sorts of collateral. Note, microloans are also a peer-peer kind of financing for new business startups.
How Does Micro loans Work?
Microlending organizations facilitate small business loans from individuals to small businesses and new startups. Investors who want to offer microloans for startup businesses choose their preferred online platform and look for microlending opportunities on the website. This is just the way microloans work.
Each potential borrower receives a credit rating. The lending platform calculates this using their real-world credit history. Also through any assets they own and their commitment to repay any previous microfinance they borrowed through the same site. However, the result is a rating system that identifies high-risk applicants and those most likely to repay in full and on time.
There is always less security in microfinance investing than there is in traditional bank loans. So, the interest rates paid by the borrower tend to be higher. For example, an interest rate of 6% is typical for the cheapest microloans, rising to more than 30% for borrowers with the worst credit rating.
Business owners can access low-interest rates by presenting to be a safer prospect to microlending investors in the following ways below. Meanwhile, all of these options show good stewardship of money and in particular, effective management of debt.
- Improving their consumer credit rating
- Though no collateral needed but holding assets (e.g. a house) that can be sold to repay the loan is necessary
- Meeting repayments regularly to build up trust with the micro-lending site
Micro Loans For Small Businesses
When considering the type of microloans to go for as a small business owner, it is good to start locally. First, learn all you need to know about microloans and how it works for small businesses. Because most microlenders are tied with their local communities, accepting applications only from businesses within their region.
Moreover, microloans have limits because many microlenders depend on grants, public donations, and government guarantees. This, therefore, fluctuate the number of loans they offer to small businesses from year to year. Because microlending has proved to be a success, there are now many ways of funding small businesses.
Below are some of the best microloans suitable for small businesses:
#1. SBA Microloans
SBA microloans are basically for small businesses in the United States region. The program as administered by the U.S Small Business Administration (SBA) provides funds to businesses through community-based non-profit organizations. This is because the Government agency does not service funds directly to borrowers, so they use non-profit organizations.
In addition to providing these microloans, non-profit organizations provide management and technical assistance to small business owners. This assistance helps small businesses to grow successfully. Basically, there are three primary features of SBA microloans which include:
- A maximum amount of $50,000 to borrow.
- A maximum of six years of repayment terms.
- The interest rates depend on the lender but range generally from 7% to 13%.
In the year 2019, the average SBA microloans were about $14,735 with a 7.5% interest rate. Normally, applying for SBA microloans must be through one of the local intermediaries. However, you can find these intermediaries via your local SBA District Office to get started.
#2. Accion USA
Accion loans range from $500 to $50,000, this is for existing small businesses. These microloans are granted for use in working capitals, operating costs, vehicle purchase, inventory purchase, equipment purchase, location changes, and marketing.
Kiva is a website that facilitates person-to-person microloans to entrepreneurs in other countries. It allows lenders to lend as little as $25 to help individuals start small businesses in other countries. To date, Kiva donors have lent more than 7.7 million dollars to small businesses.
#4. Opportunity Fund
This is a nonprofit microlender that offers a variety of microloans to small businesses. The loans can be used by businesses for working capital, equipment purchases, remodeling, and other business development expenses.
#5. Grameen America
Grameen America is a microfinance institution that makes microloans for low-income women entrepreneurs. They have so far issued more than $1 billion in microloans to more than 100,000 low-income women across the U.S. In order to work with Grameen America, there must be a group of four women. Basically, these women have to participate in a financial training seminar before they can obtain microloans from Grameen America.
#6. Lending Club & Prosper
These microlenders are two different but similar organizations. They are both peer lending sites suitable for granting microloans to small businesses. Lending can borrow up to $35,000 to small business owners while prosper borrow up to $25,000. Each of these microlenders required borrowers to have a credit score of at least 640 and 660 respectively. This saves borrowers the stress of hassle and expense of going through traditional lenders. Meanwhile, investors can see a return of 9 percent or more.
Micro Loans In Developing Countries
Micro loans have connected groups of poor individuals to lending institutions or affluent individuals in developed countries. These type of loans has also been able to foster the strengthening of local economies. It is no doubt necessary for consuming life-improving technology while incurring minimal risk to the lending party.
Criticisms of microloans both non-profit and for-profit models appear misguided. The reason, there are clear data demonstrating both a low incidence of default and modest interest rates. Moreover, its credit has been the foundation for modern economic growth. So, ethical lending to the Third World should therefore not be denied, but rather intensified through the faculty of microlenders.
For a period of time from the 1980s to the early 2000s, microloans were all the rage in international development. The idea was simple enough by giving a very small loan to an individual living in a poor country. This could help them expand a small business, which would lift their family out of poverty. After the loan is paid back, the money can be cycled to more borrowers, getting more families out of poverty. Therefore, microloans have played a vital role in developing countries’ economies and have lifted so many from grass to grace.
Micro Loans That Pay Interest
Microloans always come with interest, but this interest rate varies depending on the lender. Because interest rates are high, lenders stand to benefit greatly if they exercise discretion in their lending. Lenders can select which loans they want to fund. Basically, they have to request more information about the borrower before making a commitment.
Moreover, just one microloan carries a huge risk, so lenders often allocate their investment across a portfolio of several microloans. Therefore, most borrowers will discover that more than one lender will fund their loans. Allocating the risk across various loans will protect lenders against losing their portfolio if a couple of their loans default.
When starting out with microloans lending or microloans investing you will have to test the waters first, knowing how microloans work and how you can invest. Remember, you don’t have to put all your life’s savings on the line. Although, you shouldn’t ever do this with any investment you make no matter how skilled an investor you are. Instead, microlending might be just the right solution for you to get familiar with microloans lending. But you have to gain invaluable experience before investing or increasing your investment in microlending.
Basically, investors who invest in microloans receive the principal as well as interest payments on a monthly basis, that’s the way micro loans work. This usually adds to the compound interest effect. To break it down, if you decide to invest in microloans, you can reinvest your earnings and earn interest on your interest.
The benefits of investing in microloans enable investors to invest with a minimum investment amount of €5. The low minimum investment amount means that, should you choose to invest in microloans, you will be able to broadly diversify your portfolio. And this will ultimately lower the default risk. But bear this in mind, when you invest your money in microloans, you help to fund unsecured consumer loans. This means that loans aren’t secured by any collateral that could be sold to repay your debt. This is in case the borrower is unable to pay back the loan. If the loan defaults, it will likely be sold to a debt collector. In this case, you might only receive part of your investment back.
Therefore, getting to know more about microloans and how it works will help you to decide if to invest or not. Because it comes with both advantages and disadvantages, but nevertheless, it’s worth investing in microloans.
Microcredit is a kind of microloan given to individuals to help them established a small business and stay self-employed. It also consists of programs that extend small loans to very poor people for self-employment projects. This helps them to generate income and allows them to care for themselves and their families. Therefore, is a good idea for investors to invest in microloans as it helps the average man in society.
In 1983 Yunus established the Grameen Bank. Which credited him with developing the concept and making microcredit a socially responsible and viable business model today. However, his motive is an attempt to combat the extreme poverty he witnessed in the rural areas of Bangladesh. The Grameen Bank focuses mainly on lending only to the poor. Individuals who had previously been denied access to credit as were considered high-risk borrowers.
The impact of microcredit can be measured in terms of the increase in the recipients’ economic power and social inclusion. Also in the reduction of their vulnerability to economic shocks. Meanwhile, it should be understood as a prodigious tool in the service of empowerment. The Grameen bank grants small loans to the less privileged in the society without any form of collateral. Instead, the bank used a form of peer group pressure to help ensure that each person acts in a fiscally responsible way. Each borrower is expected to be part of a five-person group with other people in the community who also desired loans. These borrower-groups capitalize on the idea of social capital that each of these poor communities had certain links. Also, they ensured that there are networks and modes of behavior that would encourage people to pay back their microcredit loans.
Therefore, Grameen has brought credit to the poor, women, and the illiterate. People who pleaded that they did not know how to invest money and earn an income. Grameen has also created a methodology and an institution around the financial needs of the poor. It has given the poor access to credit on reasonable terms to help them build on their existing skill. Meanwhile, help them also to earn a better income in each cycle of loans. However, thanks to microcredit (microloans) as means Grameen bank has extended arms to the poor to start up a business.
How to Apply For Microloans
Small businesses interested in the Micro loan or microcredit Program should first contact an Intermediary Microlender in their area. As discussed earlier, a Microlender is a non-profit organization that receives a loan from SBA and others. In turn, the Microlender makes small loans to very small businesses in the community. The Microlender also provides technical assistance to the small business. Basically, the microlender does all the credit decisions. The application process may vary depending on the Intermediary Microlender and how microloans work for the business.
Secondly, there are other basic requirements every small business owner should possess in order to secure a microloan or microcredit. These requirements include:
- A government ID.
- Income proof document.
- Financial statements.
- Proof of what to do with the loan.
- A business plan.
- Investment in the business established.
- A list of personal and professional references.
After your application has been received from the loan officer, he/she has to go through your documents to verify if they are genuine. Also, make inquiries on your business location and the nature of your business. Thereafter, the loan would be issued to you with a set of loan closing documents. But be sure that you fully understand the closing documents, especially the promissory note.
Also know the details on the amount of the loan, interest rate, and maturity date of the microloan or microcredit. Finally, make sure you confirm the best way to reach your loan officer or other staff people. This is very important should in case you have any further questions later. However, you should try your best to pay back the loan given to you in due time. Moreover, you need to learn some basic financial management in order to run your business well to be able to pay back the loan. Also, learn how microloans work and the type of micro loans to apply at a given time.
In the course of this article, I have discussed various ways in which poor people use financial services like microloans or microcredit to support their livelihoods. The way microloans work is awesome and beneficial to small businesses. Micro loan development has intervened in response to people’s demands within a specific location and beyond. So, is no doubt that micro loan or microcredit has played an important role in reducing poverty. Big thanks to SBA, Grameen bank, and other micro-lending organizations.
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