Local businesses have a lot to worry about. Even without the uncertainty caused by Brexit, it’s unfortunately quite common for startups to fail before they’ve had a chance to shine. There’s the complexity of accounting, poor hiring choices and a lack of clientele to watch out for too. Thankfully, both the government and various private firms are beginning to understand this problem and may be able to help your company survive, if not thrive. What kind of grants can your business receive?
As mentioned above, startups can fail not long after being established, usually do to inexperience or a lack of investment. This government-funded initiative provides loans, mentoring and support for start-ups or very small, early-stage businesses with potentially viable propositions but who are unable to attract investment from high-street banks.
To be eligible, businesses must be yet to launch or have been trading for less than 12 months. The scheme provides free business planning to ensure applicants are in the best possible position to receive funding. Every loan application is considered according to the needs of your business, with an average loan size of around £6,000. The final loan size will be determined by your business plan.
R&D Tax Credits
In order to innovate, your company needs to perform Research and Development. But R&D can cost a fortune, depending on what sector your company operates in. However, the research and development tax credits scheme allows you to claim back a significant amount of your development costs back in cash each year!
If you are a startup heavily focused on development, then this scheme is well worth checking out.
The Small Business Research Initiative
The SBRI provides contracts and funding for businesses to carry out research or carry out the 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, potentially giving you funding of up to £100,000 initially.
As tough as it can get running a business, it’s important to remember that there are opportunities and safeguards that can keep your company going.
Local businesses have enough to worry about. Take a look at our services and see what we can do for your firm.