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How to get free grant money to start a business
Grants are another source of funding that can help you start or grow your business. Unlike loans, grants do not need to be repaid, making them an attractive option for entrepreneurs.
It’s important to note that the eligibility criteria for grants can be strict and may vary depending on the specific grant program. It’s important to research the requirements thoroughly and ensure that you meet all the necessary criteria before applying.
Here are some options to consider:
UK government grants for new businesses
The UK government offers a range of grants for new businesses, such as the Start Up Loans scheme, which provides loans of up to £25,000 with a fixed interest rate of 6% per annum. The New Enterprise Allowance is another scheme offered by the government that provides financial support and mentorship for individuals starting a business. This scheme provides a weekly allowance of up to £1,274 over 26 weeks, as well as a loan of up to £25,000.
Welsh government grants for new businesses
The Welsh government also offers grants for new businesses, such as the Business Start-Up Grant, which provides up to £10,000 for eligible businesses. This grant is available for businesses located in certain areas of Wales, and the funding can be used for things such as capital equipment, website development, and marketing materials.
Private sector grants
Private sector organisations, such as charities, trusts, and corporations, also offer grants for new businesses. Look for grants that are specific to your industry or location. For example, some organisations may offer grants specifically for businesses that are focused on environmental sustainability or social enterprise. It’s important to research these opportunities thoroughly and make sure you meet the eligibility criteria before applying. Here are some examples:
The Prince’s Trust Enterprise Programme: This program provides funding and mentorship for young people aged 18 to 30 who are starting a business. The Prince’s Trust offers grants of up to £5,000 to eligible applicants.
Shell LiveWIRE: This program provides funding and support for young entrepreneurs aged 16 to 30 who are starting a business that addresses environmental or societal issues. Shell LiveWIRE offers a range of grants, including a £5,000 Smarter Future Award for businesses with innovative solutions to sustainability challenges.
Santander Foundation: The Santander Foundation offers grants to UK registered charities and non-profit organizations that support disadvantaged people in local communities. The foundation provides grants of up to £5,000 for eligible projects.
Nesta Impact Investments: Nesta Impact Investments is a venture capital firm that invests in businesses with innovative solutions to social and environmental challenges. The firm provides seed funding and follow-on investment for businesses that are working to make a positive impact.