How To Unlock Government Funding For Small Businesses

When it comes to getting your business funded in the UK, you’ve most likely heard that there are government grants, government loans and tax credits available. But how do you unlock government funding for your own small business? Is it possible, is it real what are the steps?

Having enough funding for your small business is critical to success. The various levels of the UK government offer a number of funding schemes that can help small business owners succeed; in fact there are over 600 different schemes available to help individuals across the UK get funding to:

• Cover startup or expansion costs
• Pay for tools, supplies and equipment
• Make leasehold improvements and renovations
• Conduct research and development
• Pay for marketing and advertising
• Hire and train staff
• Pay for employee wages
• Improve cash flow
• and more…

The reason we use the term unlock government funding is because as it stands now, the various levels of the British government don’t work closely together so the availability of information on various funding schemes is scattered all over. A simple business owner or startup entrepreneur would have do dig deep to find the information they need in order to find out if they are eligible or if they wish to apply to any of the schemes.

These funding agencies don’t do this intentionally but due to the immense size of the various levels of government and various government agencies/departments involves, it’s just difficult. There are many factors also that determine which schemes one may be eligible for and due to these factors; the search for funding schemes becomes more difficult.

So how do you unlock government funding schemes for business owners?

It’s quite simple actually; answer the following questions:

• Where is your business located or will be located?
• What industry does your small business fall under?
• What do you require funding for? (Be specific and use the categories listed above)
• How much funding for each of your needs do you need? (Be specific and avoid trying to offer wide ranges such as between £10,000 and £100,000)

Once you’ve answered those questions you will have a better understanding as to what it is you are in need of, how much you need and where to look.

Keep in mind that many funding agencies are specific to the region they are based out of, which often means that they only fund business owners in those regions (however not all). Some funding agencies only provide monies to existing businesses while some provide to startups and existing, or just startups. Some funding agencies provide funding to specific industries or specific funding needs, so be sure to really answer the above questions which will ultimately unlock government funding information as to where you need to look.

Your next step is to get in touch with the government agencies that come up in the search for your location, your industry  and for your funding needs. Be sure to contact only those agencies that you clearly meet the eligibility criteria, otherwise you are just wasting your time.

Please note: Be sure to give yourself 4 to 6 weeks to find the information you are looking for.

The alternative option you have to unlock government funding information is to use the Funding Database that we provide which lists out every single government funding scheme. This includes grants, loans, tax breaks and more – all available within clicks. As a member, you also get to benefit from a personalized funding search report and access to our experts who can assist you with your funding applications as we review them.