Grants are funding ISO certification projects
In order to boost the economy the UK government, business initiatives and charities are providing grants to help medium and smaller businesses overcome the challanges of Brexit. Some of the grants are trying to sponsor businesses so that they improve their cyber security. The amount of local businesses going out of business due to cyber attacks has been growing. Not every insolvency is due to economic problems in local and global markets. Nevertheless, the global economy is experiencing an upleveling of business standards. A range of alsws and regulations are increasing the regulatory requirements for all sizes of businesses wanting to do business in a variety of jurisdictions. Europe’s NIS 2.0 is just one of many putting pressure on the entire supply chain of large enterprises, Hence, even small businesses need to achieve ISO 27001 certification in order to continute doing business with midsize and large business buyers. Luckily enough there are some grants sponsoring the implementation of management systems aligned with ISO standards. Some grants also help cofinance the cost of the certification which can often be beyond £12.000.
Grants are funding implementation and ISO certification of management Systems
Startups and small businesses are increasingly needing to acquire an ISO certification. The costs of drafting, implementing and optimizing the management system documentation are significant. The certification of such a management system will generate annual costs. Hence, a business needs to find ways to recover the cost by business growth and sponsoring. midsized business often have no significant financial difficulty in funding their ISO certification costs. That is why most grants and sponsorships are focused on startups and small local businesses. In this page we will provide you with an overview of the available grants and speonsorships. We will look at governement grants as well as non-governement sponsored funds. Some of the private funding initiatives do not require a repayment and therefore do not fall under the regulatory requirements of bank loans. Nevertheless, each available option comes with a set of application requirements and rules.
Government and council sponsored funding
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Government Grants available to UK businesses
Due to a range of grant fraud and a troubled economy, government funding has been shrinking in the UK. At the same time some grants require now some compliance documentation, which at times can be a little too complicated for a small business owner to understand who is working hard to strengthen the overall business performance. Nevertheless, with a little bit of help small and midsized businesses can optain such grants.
The foremeost objective of such grants is to secure existing jobs and help local businesses create more additional jobs. Thereby, an investment in local businesses lovers the overall unemployment as it doesn’t necessarily favour a particular region of the UK in an unfair manner.
Range of Government Grants
The UK used to sponsor small businesses via the government initiative “Business Link“, which ceased operations in October 2012. The information provided on regular grants and loans has moved to the gov.uk website. Eventually the “local enterprise services” replaced the former Business Link service. These grants can now be obtained via the award schemes, offered by the “Department for Business Innovation and Skills” (BIS).
Currently, there are a range of national organisations which offer grants and support to allow businesses to achieve ISO certification. Some even include the costs for training of workforce. The Department of Trade and Industry or the Department of Education sponsor such projects for specific industries. Based on the scope of services the business is operation in, grants may differ significantly.
Eligibility for government sponsored grants
In order to obtain such a grant, your business must fit a range of requirements. Some grants are limited to businesses with less than 50 employees. Others only help non-for-profit organizations. Some grants are only focused on improving the sustainability impact of a business.
Following are the 3 most typical factors:
- your industry sector
- your business size (staff and annual revenue)
- your location (e.g. South West England)
Private grant sponsorships for local UK businesses
A variety of non-government sponsored initiaties are trying to help local businesses in all regions of the United Kingdom. In this section we will provide an overview of the proivate grant sponsorships for local businesses.
Grant FAQs
Yes, business grants are essentially free money as, unlike a business loan, you don’t need to repay the funds. There’s no requirement to give away a share of your business either.
It is important to check the small print carefully as some grant providers might set certain conditions for how your business spends the money.
Exact grant funding will depend on the type of grant your business qualifies for. Most grants are a few thousand pounds, but it’s possible to get up to hundreds of thousands of pounds in some cases. If you’re awarded a smaller amount, you may need to supplement this with another form of finance.
Yes, grants are generally taxable income which means they must be reported on your personal or business tax return, depending on the type of business you run.