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Introduction
UK businesses looking to expand their activities in 2025 should consider the option of purchasing new equipment for their operations in order to increase efficiency, productivity and ultimately increase profitability. There are a number of factors to consider when looking at equipment improvements outlined below.
Leasing vs Purchasing
It is important to determine whether or not purchasing the equipment outright is the most beneficial route for your business. A detailed cost-benefit analysis should be carried out of the potential returns on the investment versus initial purchasing costs and ongoing maintenance expenses and the depreciation of the asset over the equipment’s lifetime. Sometimes leasing equipment or hiring contractors with their own equipment to do certain jobs can be more beneficial, but certain well researched asset purchases have strong upsides.
Harnessing New Technology
Once a decision has been made to purchase new equipment, selecting modern equipment that enhances advanced technology can greatly improve efficiency and performance. Technology that automates tasks can streamline and speed up repetitive activities currently being run manually and therefore free up employees to carry out more useful strategic or customer facing activities. Data analytics tools can help monitor the performance of tasks and then help with decision making moving forward and generate further efficiency improvements. Technology is now at a point where AI enhancements can integrate both automation and data analytics into smart technology and create disruptive changes across all sectors in order to provide businesses that are willing to adapt and grow to gain the biggest competitive edge.
Getting Funding To Pay For Equipment
Many smaller businesses lack the immediate cash flow or reserves to outright purchase the latest equipment for their business as high end technology can cost tens of thousands of Pounds to implement. Many businesses will look to traditional bank or finance lenders to get a loan to pay for the equipment. However, there are also grants available from the UK Government, local authorities and business enterprise support organisations that can provide partial or full funding towards the latest equipment. These funding providers have a huge vested interest in boosting economic activity in local areas or turning UK businesses into international industry leaders by helping them gain access to cutting edge equipment.
What Are Some Of the Latest UK Purchasing Equipment Grants Available?
i) Grant Investment Fund
Northumberland County Council is providing a scheme for rural-based micro and small businesses to apply for funding to expand productive capacity or diversify into new markets or products with permitted capital costs including purchasing new equipment. Funding up to £300,000 is available.
Application Deadline: Applications are invited on an ongoing basis
ii) Keighley and Shipley Towns Fund
Invest in Bradford is providing funding to businesses in local towns to support investment projects that create new businesses, improve productivity and expand or diversify existing businesses leading to sustainable growth and job creation. Purchasing equipment is one of the permitted capital costs. Funding up to £315,000 is available.
Application Deadline: Applications are invited on an ongoing basis
iii) Invest to Grow
The University of Derby is running a programme that provides funding towards the cost of investments to create long term sustainable job and business growth in the East Midlands. Permitted costs include the purchase of plant and machinery and other equipment. Funding up to £250,000 is available.
Application Deadline: Applications are invited on an ongoing basis
iv) South Norfolk Rural Business Builder Capital Grant
South Norfolk Council is making funding available to support capital investment in micro and small enterprises in rural areas. Eligible costs include assets such as buildings or equipment. Funding up to £5,000 is available.
Application Deadline: 15th February 2025
v) East Renfrewshire Business Development Grant
East Renfrewshire Council is providing funding to support local businesses in meeting their business objectives as well as carrying out plans for growth. Eligible costs include purchasing of capital equipment. Funding up to £20,000 is available.
Application Deadline: 31st March 2025
vi) Stoke-on-Trent Powering Up Inward Investment
Stoke-on-Trent and Staffordshire Growth Hub aims to attract businesses in the advanced manufacturing, digital, life sciences and energy sectors into Stoke-on-Trent. The funding covers capital items only, such as fixtures and fittings and plant and machinery. Funding up to £50,000 is available.
Application Deadline: 31st March 2025
vii) Business Growth Grant
Derbyshire Dales District Council aims to assist manufacturing and engineering businesses in the local area with business diversification, growth, adaptation and long term resilience. Eligible expenditure includes new equipment or technology, premises adaptations to support business expansion, specialist consultancy services and bespoke training. Funding up to £40,000 is available.
Application Deadline: 31st January 2025
viii) West Northamptonshire Business Growth and Innovation Support
The University of Bedfordshire is providing fully funded support alongside capital and revenue grants for businesses in the local area. Support includes business consultancy, academic-led student projects, subsidised graduate employment, peer to peer networking, workshops and short courses, to help businesses empower innovation and accelerate growth. Eligible costs include the purchase of capital equipment. Funding up to £20,000 is available.
Application Deadline: 31st March 2025
How To Apply For Purchasing Equipment 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 funding 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 Purchasing Equipment Funding Opportunities?
If you want to see the full set of UK purchasing equipment funding currently available, please visit https://getbusinessgrants.com/
