Grants and Funding for Businesses

In the current economic climate, the numbers of people choosing to set up their own businesses are increasing dramatically. In 2010, 35,000 people decided to become self-employed and start up their own business, bringing the current total of small business holders in the UK to more than 4 million. And the amount is still increasing, with Companies House revealing there has been a 7,000 increase in the amount of UK registered companies in May 2011 alone.

The majority of these people will need to obtain funding or a grant in order to help them start up their business, and there are numerous business support organisations which offer this service. You may be able to get a loan from the government. They set aside an amount of taxpayer’s money to help and encourage enterprise, and help to create wealth and jobs. To get a government grant, you need to apply through your local council. They will take into consideration location, size and sector.

There are also CDFIs: community development finance initiatives. There are over 60 of them around the country, and they lend money to businesses who may struggle to obtain a loan from loan companies or high street banks. They offer loans at an affordable rate to people who may be unable to get credit elsewhere, and therefore help deprived communities. To find out more, visit: http://www.cdfa.org.uk/about-cdfis/

The Enterprise Program is run by the Prince’s Trust. This organisation offers support to the unemployed aged between 18 and 30, and helps them to decide if their business ideas would be viable to put into action, and whether self-employment would be a suitable route for them. In some cases, they also offer financial support. There is more information on this scheme at: http://www.princes-trust.org.uk/need_help/enterprise_programme.aspx

These are just three different places where you can get financial support for your business; there are many more over the country who will be able to support you with setting up your business.