From one-man start-ups to growing SMEs to enterprise size businesses, there is generally a once a decade requirement to source additional investment to invest in future-ready tech platforms. But sourcing additional capital can be tricky, presenting a major stumbling block for enterprises looking to procure value-add technologies to support their digital transformation objectives and ultimately drive business growth.
But don’t be despondent because help may be at hand for your business. Whether you’re based in the UK or Ireland, there are dozens of funding schemes and initiatives offering monetary support to growing businesses, so you could be a step closer to securing the cash you need, particularly in these Post COVID times where governments appreciate there won’t be a snapback to 2019 and businesses have to be supported to thrive in our all-digital world
Here, we’ve gathered a selection of some of the funds, grants and support schemes for businesses looking to invest in new technology. Covering initiatives in the UK and Ireland, it’s a helpful resource for those seeking help for their next major tech investment
Choose from the options below for a list of support schemes relevant to your location:
Business Support Schemes in the UK
There are hundreds of business support schemes in operation throughout the UK, so if you need extra capital, you could be in luck. We’ve put together a list of some of the most prominent nationwide initiatives, but it’s also worth checking in your local area to find out about any region-specific options.
Gigabit Broadband Voucher Scheme
Need to upgrade your broadband and network? Available to SMEs, the Gigabit Broadband Voucher Scheme offers grants to put towards broadband enhancement, with businesses able to claim up to £3,500 towards the cost of installation.
Simply Business #BusinessBoost
Responding to the disruption caused by the pandemic, Simply Business has launched its #BusinessBoost competition, whereby eligible SMEs could win a cash grant of £25,000. The competition is available to start-ups and SMEs whose operations have been affected by the pandemic, and who have positive dreams for business growth in the future.
Introduced in the 2021 budget, the Super Deduction scheme allows businesses to claim 130% capital allowance on qualifying machinery and tech. This means your business could write off significant tech investments against taxable income. Computing equipment is included in this scheme, great if your office tech needs a bit of an update.
As touched on earlier, there are dozens of regional funding options for businesses across the UK. For help finding relevant support programmes in your area, head to the Gov.uk finance and support for your business page, where you can search for grants, loans and finance schemes by industry, region, and business size. We’ve picked out a few of our customers’ favourites here”
- Grants for Business – Norfolk and Suffolk
- Business Growth Grant from the Growth Hub – Leicestershire
- Business Growth Programme 2 – Greater Birmingham and Solihull
- Business Growth Programme 2 – The Marches
- D2N2 Growth Hub Business Investment Fund (BIF) – Derbyshire & Nottinghamshire
- Duplex Investment Fund — CWRT – Coventry & Warwickshire
- Invest to Grow funding – University of Derby – East Midlands
- Technical Development Incentive (TDI) – Northern Ireland
- Management Information System Grant – Northern Ireland
- Small Growth Grants for Dorset – Dorset
- Invest4 Grant Funding | University of Chichester – Chichester
Business Support Schemes in Ireland
With a global reputation for its thriving tech industry, Ireland has no shortage of support schemes to help burgeoning enterprises get the monetary assistance they need to grow. Here, we look at the most prominent initiatives available to start-ups and SMEs, though it’s worth remembering that lots of regional programmes are also available, so be sure to check with your local authority.
Funded by Enterprise Ireland, the Innovation Voucher initiative is designed to help SMEs explore new business opportunities, giving them the ready cash they need for increased R&D. And with vouchers worth £5,000 up for grabs, it’s certainly a scheme worth exploring if you’re looking to invest in tech in the near future.
As part of Enterprise Ireland’s New Frontiers programme, DIT Hothouse offers unique support for SMEs. Bridging the gap between research and industry, the centre offers wide-ranging support for start-ups and SMEs, including consultancy, loans, connections, and workshops. Learn more here.
Corporate Tax Exemption
Though this initiative isn’t strictly for the purpose of investing in technology, it can free up resources to reinvest in other areas of your business. If you’re a start-up or SME, you can claim corporation tax exemption for the first three years of operation, with the potential to save as much as €120,000. Find out more and check your eligibility here.
Local Enterprise Office
If you need help and support with your business, whatever stage you’re at, we’d encourage you to visit your Local Enterprise Office. With 31 dedicated locations across Ireland, these centres provide an invaluable place where start-ups and SMEs can access support, advice, and guidance on a range of business-related issues, as well as enquire about local business grants and support schemes in their area. Discover more here.
Another popular leasing option, Grenke takes the stress out of managing your cash flow. Great for growing businesses that are looking to invest in developing their team and improving their tech. Find out what Grenk could do for your business right here.
We hope this guide helps steer you in the right direction when it comes to securing the funds you need to grow your business. At Intact, we provide software solutions for hard-working businesses, with tools, platforms, and applications to suit a range of requirements and budgets. To find out how we could help your business with future-fit business management software, visit the homepage or get in touch with our team today