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Introduction
According to a recent survey by R3, the trade body that specialises in insolvency and business restructuring, in September 2024 most regions across the UK saw an uplift in business start-up activity. All but 2 regions saw an increase in the number of new business ventures forming month-on-month, with Northern Ireland (14.2% increase), West Midlands (8.5%) and South East England (8.3%) being the top 3 areas for start-up activity.
Another set of data from the New Startup Index from Beauhurst, supported by Natwest, has revealed that 468,000 new start-ups were formed in the UK in the first half of 2024. If these figures continue for the rest of the year, it will represent the best year for new business formation in half a decade. There are cautious signs that the UK economy is recovering and a more appealing environment is available for those looking to start a new business venture. Start-up activity has been restrained since 2020, due to various reasons such as Covid and the Cost of Living Crisis, start-up figures each year have been lower and in many quarters, there were more business closures than new businesses formed. For example in Q1 of 2023, only 79,000 new businesses were formed and at the same time 105,000 businesses closed.
One of the key hurdles for those looking to start a new business is the financial costs of actually getting things started up properly. It is not always the case that people will have the capital required themselves personally to get things off the ground and sometimes banks who offer traditional loans may be risk averse to many business plans that are presented to them if there’s no evidence of a proven track record that this business is likely to succeed. This means that applying for a business grant is often a good option for those seeking to start a business with additional funding behind them to ensure the best chance of success. Start-up grants are typically available from local providers, such as councils or business support organisations who are looking to help give economies in the area a boost by increasing overall business activity. There will also be some national grants available for start-ups who are looking for funding to start-up in a particular sector in the UK that needs support to encourage overall growth activity.
What Are Some Of the Latest UK Starting a Business Grants Available?
i) Bletchley and Fenny Stratford Grant Scheme – Start-up Grant
Milton Keynes City Council is providing funding to help entrepreneurs in the Bletchley and Fenny Stratford areas of Milton Keynes in need of assistance to become business ready, and to help existing businesses under three years old to develop and grow through additional business support. Funding up to £2,500 is available.
Application Deadline: 30th November 2024
ii) Evolve Ignite Startup Programme
The Complete Entrepreneur Ltd is providing a fully funded accelerator programme with intensive start-up support, typically over 6-12 months, to help individuals convert their business ideas into successful ventures. The programme covers topics including, but not limited to, business planning, legal, sales, marketing and finance.
Application Deadline: Businesses may apply on an ongoing basis
iii) UKSPF Business Investment and Start Up Grant
Neath Port Talbot Council is providing funding to to support new businesses to start up and support existing businesses and inward investors with investment projects that will create and/or safeguard jobs. Funding is backed by the UK Shared Prosperity Fund and is worth up to £5,000 per applicant.
Application Deadline: Businesses may apply on an ongoing basis
iv) Young Person’s Start Up Grant
Working Wales and the Welsh Government is running a scheme that aims to support people under the age of 25 that are not in employment, education or training to start their own business with a view to fostering a new culture of entrepreneurship among the younger generation in Wales. Funding up to £2,000 is available.
Application Deadline: 31st March 2025.
v) Edeal Funded Support – Start-up Support
Eastbourne Borough Council and Wealden District Council are providing fully-funded support, including workshops, 1-2-1 mentoring and social media training, to support entrepreneurs looking to start their own business. Participants will also have the chance to participate in a Dragon’s Den style pitch to win a cash grant worth up to £2,500.
Application Deadline: Businesses may apply on an ongoing basis
vi) Gateshead Startup Skills Grant
Smarta and Gateshead Council is providing access to fully funded eLearning programmes as well as a grant worth up to £1,000 to help businesses to start and grow. The grant can be used for expenditure such as stock, materials, marketing services, software, insurance costs, or small items of equipment.
Application Deadline: Businesses may apply on an ongoing basis
vii) New Business Start-up Grant
Inverclyde Council is offering a scheme that provides grants to new businesses that are starting to trade in the area to help with start-up costs such as the purchase of capital equipment or working capital. Funding worth up to £750 is available.
Application Deadline: Businesses may apply on an ongoing basis
viii) Central Bedfordshire Start-Up Grant
Wenta and Central Bedfordshire Council is providing funding available to businesses that are less than three years old to assist with start-up costs. Eligible expenditure can include, but is not limited to, branding and marketing consultancy, IP services, website development and digital marketing. Funding worth up to £3,000 is available.
Application Deadline: Businesses may apply on an ongoing basis
How To Apply For Starting a Business Schemes
Full details about how to apply for schemes and the eligibility criteria is available on each individual scheme page on the relevant website. Any deadlines, who can apply and what eligible costs the grants will cover will also be outlined on these pages. Interested entrepreneurs can speak to start-up advisors based at each provider who can guide them through requirements and eligibility criteria to see if the relevant funding is a match with their needs and help them to apply. There are also application forms and other supporting guidance available on scheme pages as well.
Want To Find The Latest UK Starting a Business Funding Opportunities?
If you want to see the full set of UK starting a business funding currently available, please visit https://getbusinessgrants.com/
