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What Are Startup Business Grants and Where Can You Get Them?

With start-up business grants, it is sometimes not enough to prove that your proposed business is financially feasible or profitable. There are also times when you have to prove that your business can be beneficial to the community. These grants may be offered by commercial organisations or the government itself. Grants of this ilk do not always offer financial assistance alone. Sometimes, they come in the form of fully funded contracts.

Funding from the Technology Strategy Board (TSB) at scottish-enterprise.com

The TSB offers funding for individuals with innovative business ideas. If your proposal is approved, the TSB may also take an advisory role to help you determine which sectors of the economy stand to benefit the most from your business proposal. You can find out more about the funding offers of the TSB at their own website at innovateuk.org.

Funding from the Small Business Research Initiative (SBRI) at businesslink.gov.uk.

This is another example of the business funding that the TSB provides to people who wish to start their own business. And as explained earlier on, they provide a fully funded development contract instead of purely monetary funding if your business idea is selected. To qualify for the SBRI, you need to propose a solution to the problems listed by the TSB. The government will use the solution, although your business will retain the rights to the intellectual property.

Start-up business grants offered through the SBRI are divided into two phases. The first phase will offer a contract worth a maximum of £100,000. The maximum amount for the second phase, which requires prototype creation, is £1,000,000.

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