STOP PRESS 22/4/2025

Some Local Authorities have recently been awarded funding by Govt to extend UKSPF and Rural programmes, which will enable them to offer grants until March 2026. Where available, schemes should soon formally open for business. Schermes will be different in each local area, but we'd expect them to be able to fund growth in all sectors, offering grants of around 50% of "eligible costs" and may well be conditional on new job creation. Each authority will have its own timeline, and some will react much faster than others. For insights on your local area, call PHMC. 

One of the first local authorities to open up new funding rounds is North Lanarkshire Council- well done! Hopefully others will quickly follow. Take a look at their offer here, it could be a taste of things to come. When schemes are announced, details will appear below on this page. 

If you're into developing new technology and innovative ideas for commercialisation, Smart grants could be appropriate. This is a major fund (£25m in the current round), available for cutting-edge, game-changing innovation. Forget it if you've just got a great commercial idea- this is about genuine disruptive R&D innovation, so long as it is commercially viable. Funding of up to 70% (depending on company size and the project's stage of development) can be accessed- 70% for micro businesses (fewer than 10 staff), 60% for SMEs (fewer than 250 staff) or 50% for larger businesses. Development projects can be in any area of technology, but the scheme particularly favours those in the "grand challenge areas", which are Artificial Intelligence and data; ageing society; clean growth; future of mobility.

Projects could be for feasibility (including market research), through to technology or prototype testing and development stages, but falling short of commercialisation support. The duration of the project must be between 6 months and 2 years, and funding is up to a maximum of £2million. Your project must have a total cost of between £100k and £1m (yes, I know, this can hardly be said to target small companies).

This is a highly competitive and selective programme, and the application process is tough. For example,(based on an FOI request)10% of applications were successful in the Jan-May 2021 round, but fewer than 6% of applications were successful in the two earlier rounds- demand still massively exceeds available funds. Using the services of PHMC will improve your chance of being offered a grant. The current window for applications opened on 25 April 2024 and closes on 24 July 2024. Take a look at this short video.

East Midlands businesses: This capital grants programme is continuing, making use of funds recirculated through previously offered loans. There is a strong preference for loans rather than grants , especially where premises are being purchased or extended, and applications that seek a lower value of grant than loan have the best chance of success. This is a complex application process, consisting of an Expression of Interest and Full Application with detailed supporting documentation and financial projections. Your minimum spend against which you could get funding of 20% (this has been 30% in previous years) needs to be £50,000. You'll be expected to create at least one new full-time job per £10k of funding, and it's likely that your funding offer will comprise a loan and a grant, with the loan accounting for around 60% of funding, and if the project is a property purchase, this could be considerably higher. Interestingly, this scheme can be used in conjunction with asset finance for equipment purchases. There will also be a fee payable externally for a Due Diligence report if an offer is made.

Invest to Grow does not support any companies which are business to consumer (B2C) focused, or professional services, agriculture and retail businesses​.

Ask about PHMC's support if you are considering an application to this fund. 

Government Start-Up Loans Scheme is now accessible not only to new starts, but to businesses trading up to 3 years. Loans up to £25,000 are available with fixed interest rates of 6% and terms of 1 to five years, in the form of an unsecured perssonal loan. Second loans are also available to businesses that are 3-5 years old. See details on website.