There are almost 5 million businesses currently operating in the UK, over 99% of these businesses are SME's (Small and Medium sized Enterprises). These SME's were responsible for employing approximately 14.5 million people in 2013. The European commission has estimated that SME's contribute approximately 50% of the UK's overall GDP.
Currently, there are many government funding programmes available to assist UK small businesses. These programmes come from all three levels of Government, including; Central, Regional and Locfal.
Central Government funding programmes are available to all eligible small business owners across the UK. Eligibility for these programmes is dependent upon these businesses being able to meet the programme requirements, such as; having a strong business plan, financial projections etc. Specific eligibility requirements vary by programme. It is important to note that Central Government funding programmes are usually the most competitive, simply due to the fact that applicants are less restricted by geographical location, therefore these programmes are usually harder to attain and usually have longer wait periods when it comes to receiving funding.
Regional Government funding programmes on the other hand, are allocated to small businesses within a specific region in the UK. This means less competition since you are only competing for funding with other businesses located in your region.
Local Government funding is often the most specialized, only eligible business owners within a specific location are able to apply for these funding programmes, within a city, town etc. Although there are usually less local funding programmes available, there is also much less competition for these programmes since they are so location specific.
If you are an entrepreneur seeking business funding in the UK it is important to note that you are potentially eligible to receive government funding from all three levels of government. The more government funding programmes you apply for the higher your chances of receiving funding. To find out exactly which government programmes your small business may be eligible for, simply try our Funding Finder Tool, or speak to an agent directly at 0800 082 3445 toll free.How much funding is your small business eligible for?
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Take 15 seconds to learn how much money your small business may be able to receive from the UK Government in Grants and/or Loans.
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