Securing third-party funding for your company could facilitate and accelerate your future business growth. To mark Global Entrepreneurship Week 2023, we have put together a list of loans and grants currently available in the East Midlands that could give you access to extra finances for your SME.
Establishing reliable funding sources for your business is vital to grow and succeed, especially in the current economic climate and especially if you own an SME. Loans and grants can provide your company with a short-term boost in financial resource, making them a great option for business owners looking to fund specific projects or plans.
Grants are ideal as they are essentially gifted to your business if you meet the eligibility criteria and submit a successful application. While loans must be repaid, many have manageable repayment terms and favourable interest rates to help. Make sure you check the eligibility criteria and any terms and conditions associated with both loans and grants before applying.
General funds and grants in the East Midlands
- Invest to Grow programme (East Midlands) – To support private businesses across the East Midlands by offering funding for projects that help them to innovate, grow and create new jobs. Loans and grants are available between £15,000 and £250,000.
- Tax benefits for East Midlands freeport (East Midlands) – Did you know there is a whole range of tax benefits available to businesses located in a freeport site?
- East Midlands Accelerator Project (Eligible areas in Nottingham and Derby) – A business support project that offers grant funding opportunities, growth vouchers up to £2,000 for specialist consultancy and training and a fully funded ‘help to grow’ management course alongside additional support and training.
- Business Growth Grant (Nottingham) – This grant aims to provide funding to businesses looking to grow and expand their workforce. Grants range from £1,000 to £10,000 and will cover up to 50% of your total project costs.
- First Enterprise (East Midlands, Southeast Midlands and West Midlands) – Business loans between £500 and £250,000 for entrepreneurs and business owners with SMEs.
Sustainability focused funds and grants in the East Midlands
- SHIRE Environment Grant (Leicestershire) – Grants up to £2,500 are available for projects that aim to reduce household waste, reduce greenhouse gas emissions, improve biodiversity and support or create sustainable green spaces.
- Connected Grants (Derby) – For businesses, voluntary groups and community groups based in Derby who need support in funding travel improvements or initiatives. Funding up to £15,000.
- Small Grant Fund (Derby) – For SMEs, sole traders, partnerships and charities running projects that will lead to local low carbon or alternative energy projects. Maximum award size is £20,000.
- Demonstrator Fund (Derbyshire) – For SMEs, sole traders, partnerships and charities with an investment plan that will lead to local low carbon or alternative energy projects. Maximum award size is £200,000.
- Workplace Travel Grant (Nottingham city) – Up to £25,000 grant to help with the costs of workplace improvements that will encourage more sustainable travel to work. For public sector organisations, SMEs, health and social care organisations, voluntary organisations and a number of other businesses.
- Business Decarbonisation (Eligible areas in Nottingham) – To help retail businesses reduce their energy costs and in the process Nottingham’s carbon emissions. Grants will cover investment in carbon reduction technologies, products and services. Award sizes range from £500 to £2,500 (up to 50% of the carbon reduction project’s costs).
The information in this article is accurate as of 13th November 2023. Please use the links provided for each loan and grant above to access the most up-to-date information.
Grow your SME with specialist support from PKF Smith Cooper
Investing in specialist support from our expert business advisers could help you to boost growth in your SME. With our award-winning business advisory services, you can access first-class strategic advice from specialists with wide-ranging professional backgrounds, first-hand experience of growing businesses in the Midlands and global connections through PKF International. Contact us today to find out more.