Can you get a grant from the UK's Government to help start your own business?

Question

Can you get a grant from the UK's Government to help start your own business?

2 Answers

Answer Question

Answer 1

No, and in fact that is not actually legal in EU law (and the US would be pretty miffed as well, it would be seen as "anti-market".) Occasionally the UK government will step in to "rescue" a failing business (although that is a rare occurrence since Maggie Thatcher). Sometimes "inducements" may be used to encourage companies to locate in the UK, these usually consist of tax breaks, subsidised land purchase and so on - anything that looks like an actual grant these days is usually considered illegal.

Answer 2

There are actually 739 different schemes set up to help early stage startups and young businesses grow in the UK.

The support you can apply for varies from loans through to grants, tax breaks, exemptions, and training.

It's in the government's interest to allocate a budget to this cause because the economy is reliant on small businesses being developed, growing, paying tax and employing other people.

Some schemes like The Prince's Trust are geared towards funding young people who come up with exceptional business ideas, whereas other opportunities include free training, advice and consultancy which, although not technically financial support, can be invaluable to the survival of a young company.

To have a look at what you might eligible for, have a look at:www.gov.uk/business-finance-support-finder/search