Business Start up Support UK 2024

Business Startup Support UK 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 look to for 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 the different areas of assistance that are currently available for those starting up in business in the UK. 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. The main source of funding is now UK Shared Prosperity Fund and varies wildly depending on where you live in the UK. This funding will end in March 2025.

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? 

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.

Here is what I tell my clients. I see a distinct difference in policy between governments. Under Labour they focus on grant initiatives to help businesses get started and usually ringfence funding for this alongside business advice. The Conservative Party believes in fostering start ups too, but more via loans. The current government backed loan scheme is called Start up Loans. This offers a product that is specifically for start ups at a reasonable interest rate of 6% and no early repayment penalties. This is because most banks don't like lending to new businesses unless there is security or shared investment. As we are heading for a general election, if we have a change of government there will be lots of change and upheaval on the horizon. I will keep the blog updated as changes occur.

This is not to say there are no grants at all, there are, but they are always tied into a specific government agenda such as stimulating high streets, creating jobs, or innovation. 


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 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.

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:

Scotland:

Wales:

Northern Ireland:

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):


Chamber of Commerce:



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 trying to start and establish 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