Table of Contents
- What is a small business or start-up business grant?
- Small business grants in Wales
- Small business grants in North Wales
- Small business grants in South Wales
- Start-up business grants in Wales
- Small business grants and start-up business grants in the UK
- Alternative ways to finance your small business or start up
If you’re a founder or a small business owner, you’ll know how important it is to secure funding for your business on the best possible terms.
And for many small businesses and start-up businesses, there is no better funding source than small business grants and start-up business grants.
If your small business or start-up is based in Wales, then there is a range of Wales-specific small business grants and start-up business grants for you to consider – and that’s on top of a shedload of UK-wide small business grants and start-up grants for which your business could also be eligible.
With so many funding possibilities for Welsh small businesses and start ups, it would be easy to get your grants in a twist. That’s why we’ve put together this guide to the different types of small business and start-up business grants currently on offer in Wales and explain how much you might be able to claim.
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What is a small business or start-up business grant?
Small business grants are typically sums of money awarded to small or medium-sized enterprises for the purpose of growing the business or achieving a specific, pre-stated aim. Funding might come from a private source or from the government – in this case either the devolved Welsh government or the UK’s central government.
Grant money could go towards an organisation completing a certain activity or project, sometimes dictated by the grant itself, or else the funds could be awarded to cover the cost of hiring new staff, buying essential equipment or just growing the business.
Start-up business grants are similar to small business grants – although the purpose of a start-up business grant is often to help a young firm cover some of the costs associated with getting the business off the ground.
Unlike small business loans or start-up business loans, grants for small businesses and start ups are generally non repayable, though you may be asked to match some of the funding being offered. You also won’t have to give up any equity in your business in return for grant funding.
This is why small business grants are often very competitive, with multiple firms applying for the same pot of funding. And for the same reason, the process of applying for a small business or start-up business grant can be quite involved, with no guarantee of success in the end.
However, persistence is key, and the right grant at the right time could provide the lift you need to take your business to the next level.
As well as business grants in Wales, there are small business grants available across the United Kingdom. Take some time to research all your options, since it may also be worth applying for any relevant UK-wide grants in addition to Wales-specific small business grants and start-up business grants.
You may also find that your business is able to access grant funding designed for specific groups, such as business grants for women.
Just bear in mind that some small business grants may be partially or conditionally repayable, so it is important to read the details properly before applying.
Small business grants in Wales
These are some of the small business grants available to organisations across the whole of Wales. You can find a complete list using the Business Wales finance locator.
Enterprising Communities – ARFOR Programme Support Fund
Sectors: Commercial, social, cooperative and community enterprises
Amount: Between £5,000 and £75,000 (70% of project costs)
Details: Businesses based in, or looking to relocate to, the ARFOR region – that’s the Welsh language ‘strongholds’ of Anglesey, Gwynedd, Ceredigion and Carmarthenshire – can apply for grants of between £5,000 and £75,000. This is to cover 70% of costs related to projects that strengthen the Welsh language, including developing new local enterprises, creating modern employment opportunities, and keeping wealth in the region.
Wales Tourism Investment Fund (WTIF)
Sectors: Tourism
Amount: £100,000 to £5,000,000 blended grant and loan
Details: This fund focuses on boosting capital investment into the Welsh tourism industry to create a positive impact on the sector and the regional economy. It is a mix of a grant and a loan, so businesses will need to pay back some of the money they receive, usually over a period of between 10 and 15 years. Businesses can invest the money into upgrading or creating new, high-quality assets that help to boost Wales’s image and offer benefits to the economy and the region as a whole.
ReAct+
Sectors: Small and medium-sized enterprises (SMEs)
Amount: Up to £4,000 in quarterly instalments for the first 12 months
Details: Businesses that recruit someone who is disabled and who has recently been made redundant can access funding to cover the costs of some of their wages. The scheme aims to help people living with a disability get back into work quickly, and it is hoped businesses will receive other benefits from employing them in addition to the funding, such as improved productivity and having a trained, skilled workforce. The person you wish to recruit must be aged 20 or over and disabled and either within six months of being made redundant, under a formal redundancy notice or an ex-offender or an offender who is serving their sentence in the community.
Small business grants in North Wales
The following is a selection of small business grants available for organisations based in North Wales:
Conwy Business Support Grant
Eligible regions: Conwy
Sectors: Social enterprises, farm diversification, retail/wholesale, tourism, services (This is not an exhaustive list.)
Amount: £200 to £1,500 to cover 50% of project costs
Details: If a Conwy business has a planned project that will result in extra staff and increased turnover, then it may be eligible for this grant. It can be used to buy capital equipment (including IT hardware), marketing material, specialist training, and pay other professional fees that will help a business achieve its desired outcome.
Community Toilet Grant Scheme
Eligible regions: Gwynedd County
Sectors: SMEs
Amount: Up to £500
Details: Businesses within Gwynedd County can receive up to £500 from the local council if they open up their toilet facilities to the general public. There is currently a waiting list to join this scheme.
ISO Grant Scheme
Eligible regions: Gwynedd County
Sectors: SMEs
Amount: Cost of consultant
Details: SMEs can use this business funding to help them gain ISO accreditations that will demonstrate their products, services, and systems are safe and of a good quality. The money will pay for the cost of a consultant to work with the business to achieve the standard needed for accreditation, although it will not pay for the certification itself.
Small business grants in South Wales
Below are some of the small business grants available for organisations in South Wales:
Bridgend Special Regeneration Fund
Eligible regions: Bridgend
Sectors: Start ups and SMEs, primarily trading business to business (B2B)
Amount: £1,000 to £5,000 to cover up to 40% of costs
Details: This grant is designed to provide small and medium sized businesses with a ‘customer-led’ approach to funding opportunities.. The grant can fund various activities including capital equipment purchases, website development, and premises improvements.
Caerphilly Enterprise Fund
Eligible regions: Caerphilly
Sectors: SMEs, start ups, community organisations
Amount: Up to £2,000 to cover 50% of expenditure (revenue); up to £10,000 to cover 50% of costs (capital)
Details: Businesses can apply for funding for both capital and revenue costs. Eligible project costs could include websites and e-commerce, feasibility studies, business planning, one-off marketing costs, capital equipment, IT hardware and software and property and infrastructure improvements to commercial, industrial and retail premises. Applicants must demonstrate how their funded project would bring economic, social, cultural, and environmental benefits to Caerphilly.
Cardiff Knowledge Transfer Partnerships
Eligible regions: Cardiff
Sectors: SMEs and large organisations
Amount: Variable, but guidance states £25,000 a year for SMEs (67% grant), and £35,000 a year for large organisations (50% grant)
Details: A Knowledge Transfer Partnership (KTP) is a three-way partnership between an organisation, a graduate and, in this instance, Cardiff University. It is designed to provide businesses with access to academic skills and expertise. Alongside SMEs and large organisations, third sector businesses of any size can receive a grant contribution of 75% of eligible project costs, subject to a cap.
Carmarthenshire Business Renewable Energy Fund
Eligible regions: Carmarthenshire
Sectors: New and existing businesses in, or planning to locate within, Carmarthenshire
Amount: Between £1,000 and £25,000 (covering 50% of total project costs)
Details: This grant was established to help businesses in the Carmarthenshire area purchase renewable business energy systems, such as small scale wind turbines or commercial solar panels.
Rhondda Cynon Taf Business Growth Grant Scheme
Eligible regions: Rhondda Cynon Taf
Sectors: SMEs
Amount: 75% of projects costs up to £2,000 (if based in a residential premises) or £15,000 (if based in a commercial premises)
Details: Eligible SMEs in the Rhondda Cynon Taf region can apply for a grants to assist with capital expenditure, including buying equipment, international renovation works, energy efficiency measures and website development.
Rhondda Cynon Taf Town Centre Minor Improvements Grant
Eligible regions: Town centre retail areas of Aberdare, Ferndale, Llantrisant, Mountain Ash, Pontypridd, Porth, Tonypandy and Treorchy.
Sectors: Retail
Amount: 75% of project costs, up to £2,000; additional grant of £500 available to cover 75% of skip or scaffold costs.
Details: Retail traders and owners of vacant properties can apply for a Town Centre Minor Improvements Grant to help make shop-front improvements in selected town centres.
Swansea Business Growth Grant
Eligible regions: Swansea
Sectors: SMEs
Amount: up to £50,000, based on a limit of £5,000 per job created or safeguarded
Details: Businesses looking to introduce a new product or service in the Swansea area can apply for a grant worth a maximum of £50,000 to fund costs including equipment, IT systems and machinery. This total is based on a limit of £5,000 per job created or safeguarded through your business growth.
Swansea Website Development Grant
Eligible regions: Swansea
Sectors: SMEs adopting new technology online
Amount: Up to £1,500 (50% of costs in match funding)
Details: If you are a Swansea-based business looking to adopt new technology online, or via website development, you can apply for a match funded grant worth 50% of project costs to a maximum of £1,500. Applicants must provide a business plan or summary and a 12-month cash-flow forecast to be eligible for the grant.
Start-up business grants in Wales
While some of the small business grants mentioned above are eligible for start ups based in Wales, the following grants are specifically for Wales-based new and early-stage start-up businesses:
Barriers to Start-up Grant
Eligible regions: Wales
Sectors: Economically inactive and unemployed individuals aged 25-years and over – particularly those facing barriers to business start-up and the employment market.
Amount: Up to £2,000
Details: This start-up grant is for unemployed and economically inactive people looking to start a self-employed business in Wales. Alongside a grant worth up to £2,000, the scheme also provides one-to-one support and confidence building webinars, alongside advisers to provide further start-up guidance. You must have a viable business proposal to be considered for this scheme, which is currently oversubscribed and not open to new applications.
BG Effect Business Fund
Eligible regions: Blaenau Gwent
Sectors: Start ups
Amount: Up to £1,000 to cover 80% of costs
Details: This start up business grant aims to help new enterprises develop and achieve their growth objectives, whether that’s by funding expert advice and support, necessary equipment purchases, marketing materials, or business location costs.
Blaenau Gwent Kick Start Plus
Eligible regions: Blaenau Gwent
Sectors: Start ups that are six months to three years old
Amount: Up to £1,000 to cover up to 50% of costs
Details: Established to complement the start up grant, this Kick Start grant aims to help businesses develop and expand further. Eligible costs of this fund include marketing, website development, IT, and training.
Caerphilly Business Start-up Grant
Eligible regions: Caerphilly
Sectors: Start ups
Amount: Up to £500 to cover up to 50% of costs
Details: Individuals in Caerphilly wanting to set up their first full-time business may be able to receive support from this start-up business grant. Funding can be used to help new businesses grow and develop, by contributing to the costs of equipment, IT equipment, web development, marketing, building works, and other costs associated with starting a business.
Carmarthenshire Business Start Up Grant
Eligible regions: Carmarthenshire
Sectors: Start ups
Amount: Between £1,000 and £50,000 (50% of project costs, or maximum of £5,000 per job created, whichever is the less)
Details: Start ups based in Carmarthenshire can access grants of up to £50,000, with a focus on creating new jobs. The minimum grant award is £1,000, based on a new job being created, with the business owner being included as a new job.
Neath Port Talbot Innov8 Scheme
Eligible regions: Neath Port Talbot
Sectors: Start ups
Amount: Up to £1,000 (to cover 50% of costs)
Details: This grant is part of a wider support package for people aged 18 years and over looking to start, develop or grow a business in Neath Port Talbot. Alongside the funding, entrepreneurs can access workshops and courses, information on business premises, and ongoing support.
Swansea Pre-Start Grant
Eligible regions: Swansea
Sectors: Start ups
Amount: Up to £10,000 (to cover 95% of first £1,000 of costs, and then 50% of costs)
Details: If you are looking to start a brand new business in Swansea, you can apply for a grant worth up to £10,000 to help with getting your idea off the ground, including buying equipment, undertaking training, or paying for marketing.
Young Person’s Start Up Grant
Eligible regions: Wales
Sectors: Individuals under the age of 25
Amount: Up to £2,000
Details: If you are under the age of 25, and live in or are returning to live in Wales, and want to become self-employed, you could be eligible for a grant of up to £2,000 to assist you in starting your business. You will need to demonstrate that your start up business idea has the potential to become your main source of income.
Small business grants and start-up business grants in the UK
As well as these start-up grants and small business grants specifically for firms and entrepreneurs based in Wales, there is a range of UK-wide small business and start-up business grants which Welsh founders may be able to take advantage of.
And for small business owners and founders based elsewhere in the UK, there are also specific grant schemes for businesses and start ups based in England, Scotland and Northern Ireland.
Alternative ways to finance your small business or start up
There are several alternative ways to finance your business if you’re unable to secure a small business or start-up business grant.
Crowdfunding, for example, can help you raise funds from the public directly, while peer-to-peer lending lets you borrow from a pool of investors.
It’s also possible to finance your business with the help of an angel investor, who may be able to offer you funding and support in return for a share of your company.
Traditional small business loans can also give you access to funds to help expand your enterprise, while start-up business loans are geared towards lending much-needed capital to new or young businesses.
Used responsibly, business credit cards can also provide cash-flow boosts to established businesses – and that’s before you consider the potential benefits of using a rewards business credit card or a travel business credit card.
And finally, depending on the specifics of your firm, you might also want to consider asset finance, invoice finance or equity financing – all of which can help small business owners take their enterprise to the next level.
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