Business Start up Support UK 2024

Business Startup Support UK 2024

Updated June 2024

Thank you for taking the time to visit my website and share with me the joys of building a business. 

One of the first things to think about when starting a business is what business startup support is there in the UK in 2024?

This post outlines where you can receive guidance, courses and funding around the UK. Be prepared to spend around 3 months to attend courses, learn what is involved in running a business and understand exactly what it is you are selling. This will allow you to start in a way that's structured and manageable and gives you a chance of gaining momentum early on.

This article is an overview of what is available for those starting up in business in the UK in 2024. I will update this every few months as the landscape is in flux, given the huge shifts in funding streams that have happened in the last year. 

For many years we have been fortunate enough to have seamless business support funding from both the UK Government and European Funding, which has now come to an end. With a possible change in government the landscape will shift, so keep checking back to find the latest information.

Funding

Funded business support is mainly advice and guidance, in the form of courses, mentoring and free resources and tools such as business plan templates and strategic planning tools. 

The question I get asked the most is are there grants available? 

Grant Funding

For funding  to get you started, currently there are very few grants. However, this useful tool provides details of funding bodies around the UK that you can contact. This will be a mixture of all funding types and possibly mainly loan based.

Websites -  business grants currently available

https://www.find-government-grants.service.gov.uk/grants

https://www.find-government-grants.service.gov.uk/grants/smart-grants-jan-2024-1

https://www.unbiased.co.uk/discover/tax-business/starting-a-business/best-small-business-and-start-up-grants-and-loans-in-the-uk

Business Loans

Currently the major high street banks are not keen to lend to new businesses, due to high risk factors. If you have good credit and a solid business plan, it's still worth contacting your bank and asking about business accounts, loans and overdrafts.

If you get turned down by your bank, or don't want to approach them, the main route start ups take is the Start up Loan Scheme. This was brought in to provide a source of finance to help businesses get started. It's underwritten by the government and has a 6% interest rate with no set up fee. However, as it's a loan it is repayable. It is also a personal loan, even if you are a limited company.

Business Funding By Region

Here is a guide on funding by region

Regions and nations funding guide for smaller businesses | British Business Bank (british-business-bank.co.uk) 

I will create a separate post for those who are considering setting up or have set up a social enterprise as that is slightly different.

General Business Support UK

Government-backed programmes:

Start Up Loans: Up to £25,000 in unsecured loans with free business planning support and 12 months of mentoring.

Kick Off in Business: Free online course covering business basics and self-employment.

Private and non-profit initiatives:

Princes Trust: Offers grants, loans, and business courses.

NatWest Business Hub: Provides resources, workshops, and networking events.

Young Enterprise Educational programme fostering entrepreneurial skills in young people.

Ex Forces Enterprise 

X Forces

Small Business Britain

Industry-specific:

Innovate UK: Funds innovative businesses across science and technology.

Creative England: Supports creative industries like film, music, and gaming.

Fashion and Textile Institute: Offers business support for fashion and textile entrepreneurs.

Business Support in UK 

By Stage

Idea Stage:

Startup Weekend: is an Intensive 54-hour event where you can validate your idea and build a prototype. Aimed at the tech sector and those seeking innovative solutions to an identified opportunity. It currently bosts 428k participants across 150 countries.

Business Model Canvas workshops: Learn how to develop and refine your business model.

Google Start up is a bank of courses and resources to get you started with your online presence.

Startups UK is a website of resources and information as it Startup Donut.

Early Stage:

Accelerators: Intensive programmes that provide mentorship, funding, and networking opportunities.

Incubators: Shared workspaces offering support and guidance to early-stage start-ups.

Nesta's directory of UK accelerators & incubators: https://www.nesta.org.uk/ 

Growth Stage:

Scale Up Institute: Supports high-growth businesses with tailored programmes.

Catapult network: Sector-specific centres providing expertise and funding for innovation.

Banking

Banking is another aspect I get asked about quite often. Recently it has been difficult to obtain a business bank account and no one knows why. However below are the banks that are developing wider solutions to help start ups which suggests they want this business.

Nat West

Co-op

Lloyds they also have some resources for start ups too

Virgin Money and Virgin Start up

By Region

Below is a breakdown of funded business support by region. Firstly, here is the general government business support page

https://www.gov.uk/business-support-helpline

Your starting point based on region is your local Business Growth Hub. Here is the list of all 38. If you contact them they will have the details of all the support services in your area.

Here is a snapshot:

England:

North East:

• • North East Business Support: Comprehensive support for businesses in the region.

  • Durham County Council Business Grants: Grants for businesses in County Durham.

North West:

• • Boost Business Lancashire: Support for businesses in Lancashire.

  • GC Business Growth Hub: Support for businesses in Greater Manchester.

Yorkshire and the Humber:

• • Ignite Yorkshire: Regional accelerator programme for early-stage businesses.

  • Sheffield City Region Launchpad: Support for businesses in Sheffield and surrounding areas.

Midlands:

• • Midlands Engine Investment Fund: Funding for businesses in the Midlands region.

  • Leicester StartUp: Support for businesses in Leicester and Leicestershire.

East of England:

• • Cambridge Enterprise: Support for businesses spinning out of the University of Cambridge.

  • Norfolk Innovation Network: Support for innovative businesses in Norfolk.

South East:

• • SETsquared Partnership: Global partnership of university-based incubators and accelerators, with a strong presence in the South East.

  • Oxford Innovation: Support for businesses in Oxfordshire.

South West:

• • TechSPARK: Support for tech businesses in the South West.

  • Cornwall Development Company: Support for businesses in Cornwall.

London:

• • Mayor's Entrepreneur Programme: Support for high-growth businesses in London.

  • London & Partners Business Growth Programme: Support for businesses looking to expand internationally.

Scotland:

• Scottish Enterprise: National economic development agency offering a range of business support programmes.

• Highlands and Islands Enterprise: Regional development agency for the Highlands and Islands.

Wales:

• Business Wales: National business support service for Wales.

• TechHub Swansea: Accelerator for tech businesses in Swansea.

Northern Ireland:

• Invest Northern Ireland: Regional business development agency offering a range of support programmes.

• Ormeau Baths: Innovation hub and co-working space in Belfast.

It's important to note that eligibility for programmes often extends beyond strict regional boundaries. Many programmes welcome applicants from other parts of the UK, especially if they have a strong connection to the region or are willing to relocate.

Membership Organisations

Federation of Small Businesses (FSB):

1. • Local Networking and Events: FSB has 12 regional and national teams across the UK. They organise regular networking events where you can meet like-minded business owners and tap into expert knowledge through webinars

   • Membership Benefits: As an FSB member, you get access to member-only discounts, essential cover, legal and employment helplines, legal documents, and templates.

Chamber of Commerce:

1. • Chambers of Commerce offer sector-specific networking opportunities, business advice, and support.

   • Membership Benefits include networking events, insurance benefits, breakdown cover, healthcare, HR support, 

I will keep adding to this resource as I become aware of updates.

A little bit about me

Caroline, your Start up Angel in the UK. I have been passionately supporting small businesses for 16 years and have run two businesses previously.

We are in a difficult time in the UK, the number of people starting up is on the increase as funding for business support is on the decrease.

I offer support to those starting and establishing a business within the first three years. I will always signpost to fully funded services and other support. My service complements this to help you cut through all you have learned and apply it in a way that is manageable and consistent for you. This increases your chance of building a successful business you enjoy.

I offer a free 40 minute consultation. There is no obligation to purchase anything, just a commitment of your time and I promise you will leave slightly wiser than when you arrived!

If you do choose to work with me I guarantee inspiration, motivation and direction will be yours to enjoy.

To get in touch you can connect here

Caroline