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Introduction
According to a 2024 survey by the British Business Bank, 70% of UK businesses stated that they have experienced cash flow problems and in many cases poor working capital management has been cited as a significant contribution to this. There are also other factors that affect why businesses have poor working capital, including the high cost of doing business over the past few years with increasing costs passed on from suppliers. Other reasons for working capital shortfalls include late payments from customers, seasonal fluctuations in demand, inefficient supply chain management leaving excessive capital tied up in inventory and lack of financial expertise to plan ahead and help mitigate unexpected cash flow issues. If businesses cannot manage their cash flow properly then it can prevent them from operating efficiently and having the money readily available to keep their day to day operations going.
There are also instances where a business is looking to increase its working capital in order to facilitate growth, but a lack of access to readily available capital is holding them back.
One possible solution for businesses facing working capital shortfalls or looking to increase their working capital for growth is to apply for business grants where eligible costs include covering paying for day to day operational activities. These grants are primarily offered by local authorities and enterprise support organisations who are looking to support businesses in their local area and help them remain solvent or expand their activities. There are also some industry specific grants available that help support businesses in the sector who are facing cash flow difficulties or are looking for a cash flow boost to expand.
What Are Some Of the Latest UK Working Capital Grants Available?
i) Kendall Business Improvement District General Grant
Kendall Business Improvement District is providing funding for working capital to support projects that will have a positive impact on local business and the town. Funding can cover costs to run an event or activity that promotes a local business and other related businesses in the area. Funding up to £1,000 is available.
Application Deadline: Applications are invited on an ongoing basis
ii) Business Growth Grant
Gedling Borough Council is providing a scheme that aims to support established businesses wanting to improve sales, employment, or productivity. The grant can be used for land and buildings, including refurbishment, plant, machinery and equipment costs, research and development, staff training and up to 12 months of ongoing costs relating to working capital to promote growth activity. Funding up to £2,500 is available.
Application Deadline: 31st December 2024
iii) Get Ready 2 Supply
Greater Birmingham Chambers of Commerce is providing a scheme that aims to help SMEs in East Birmingham and North Solihull to access new contracting opportunities with larger organisations across the region. Funding worth up to £8,000 is available and eligible costs include working capital costs associated with being able to secure contracts.
Application Deadline: Applications are invited on an ongoing basis
iiiv) Business Innovation Grants
Stafford Borough Council is providing a scheme that aims to support businesses who are branching out into new markets or creating new products and services. Eligible expenditure can include website design, capital equipment, costs for taking on additional space, recruitment, training and apprenticeship and other related ongoing working capital costs to support the expansion. Funding worth up to £25,000 is available.
Application Deadline: 31st December 2024
v) Sustainability Grant for Childcare Providers
Flintshire County Council is providing a scheme that aims to support childcare providers in Flintshire to sustain their childcare provision and includes funding towards ongoing working capital costs.
Application Deadline: Applications are invited on an ongoing basis
vi) Workforce Skills Improvement Grant
Gwynedd Council is providing a scheme that aims to help businesses to upskill their employees. The funding can cover costs including training, travel, the costs of paying the wages of another person to do the work of the staff member being trained and other working capital costs associated with freeing up staff to attend training. Funding worth up to £3,000 is available.
Application Deadline: Applications are invited on an ongoing basis
How To Apply For Working Capital Grant 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 businesses can speak to grant 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 Working Capital Funding Opportunities?
If you want to see the full set of UK working capital funding currently available, please visit https://getbusinessgrants.com/
