Types of Business Grants
- Innovation Grants
- The National Lottery Heritage Fund
- R&D Tax Credits
- Local Enterprise Partnerships (LEPs)
- New Enterprise Allowance
Innovation funds are grant funding programmes that offer financial backing to organisations and groups that are looking to research and develop a process, product or service, test innovative ideas and/or collaborate with other organisations.
The National Lottery Heritage Fund
This grant is given to sustain and transform the UK’s heritage. This can include investment in museums, parks, historic places and cultural traditions.
R&D Tax Credits
This grant can be given to companies that spend money developing new products, processes or services; or enhancing existing ones, and are eligible for R&D tax relief. If you’re spending money on your innovation, you can make an R&D tax credit claim to receive either a cash payment and/or a Corporation Tax reduction.
Local Enterprise Partnerships (LEPs)
England is divided into local authorities called Local Enterprise Partnerships, better known as LEPs. The LEPs are voluntary partnerships between local authorities and businesses.
LEPs are good to be aware of if you are searching for grants as these partnerships have their own pool of grants, other funding and training opportunities which must be allocated to businesses in the given area. Therefore, it’s safe to say that they play a vital role in supporting businesses and innovation across England, developing skills, delivering infrastructure, and securing investment.
For your business, this means that the competition can be smaller compared to the large, national grants, all businesses throughout the UK can apply for.
What is a business grant?
A business grant is a sum of money awarded to a business to help it grow and develop – the money could be invested in training, equipment or reaching new markets, for example. Business grants are usually awarded by the government or other companies and, unlike a business loan, business grants do not need to be repaid.
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