I Need Funding for My Business

Before applying for anything, be clear about why you need funding, how much you need, and what you will use it for. This affects which type of funding is appropriate. Grants often fund specific project costs (not general overheads). Loans are better for cash flow and working capital. Equity investment suits high-growth businesses looking to scale.

Start with the Government's Business Finance and Support Finder on GOV.UK and the Innovate UK funding finder. Also check your local Growth Hub, local enterprise partnership, and any sector-specific bodies. Be realistic — most grants are competitive, have tight eligibility criteria, and are limited to specific geographies, sectors, or business stages.

If you cannot find a suitable grant, the government-backed Start Up Loan scheme offers loans of £500 to £25,000 at a fixed 6% interest rate for early-stage businesses up to 3 years old. Repayment terms of 1-5 years. Free mentoring is included. Applications are made through approved delivery partners, not banks.

Almost all funders require a business plan. It should cover: what your business does, your target market, how you will make money, who is in the team, your financial projections for at least 2 years, and how you will repay the money (if a loan) or achieve the outcomes (if a grant). Be realistic — funders check assumptions.

Submit applications carefully and completely — missing information is the most common reason for rejection. After submitting, follow up politely if you have not heard within the stated timeframe. If you are unsuccessful, ask for feedback and consider whether to reapply. Many successful grant recipients applied more than once.