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    Last update 05/08/2024

    Grants and Loans for Startups and Small Businesses in Burnley, UK

    There are several potential funding sources for startups, small businesses, and new ventures in Burnley, UK, through grants and government-backed loans. This guide provides an overview of the opportunities, eligibility criteria, and how to apply.

    Grants

    Boost Business Lancashire Grants

    • This program offers various grants to help Lancashire businesses start, grow, and scale up. These include grants for business planning, expansion, and innovation. Check their website for eligibility criteria and application deadlines.
    • Website: Boost Business Lancashire

    Government-Backed Loans

    Start Up Loans

    • This national scheme offers personal loans of up to £25,000 with a fixed interest rate of 6% for pre-start and early-stage businesses. You also receive free mentoring and support. You can apply online.
    • Website: Start Up Loans

    Recovery Loan Scheme (RLS)

    • While this scheme has closed to new applications, some lenders may still have remaining funds available. Check with your bank or lender for eligibility.
    • Website: Recovery Loan Scheme

    Other Resources

    Burnley Bondholders

    • This network of businesses can offer support and advice to new ventures in the area.
    • Website: Burnley Bondholders

    Burnley Enterprise Centre

    • The centre provides a range of services to new and existing businesses, including advice on funding and support schemes.
    • Website: Burnley Enterprise Centre

    Business Finance Support Finder

    Additional Links

    Important Tips

    • Thoroughly Research: Carefully research the eligibility criteria and requirements for each grant or loan program before applying.
    • Contact the Council: Reach out to Burnley Borough Council for the latest information on any local grants and funding opportunities.
    • Network with Business Support Organizations: Organizations like Boost Business Lancashire and Burnley Bondholders can provide valuable guidance and advice on funding options.

    Contact Information

    Burnley Borough Council

    FAQs about Grants and Loans for Businesses in Burnley

    1. Are there grants specifically for online businesses in Burnley?

    While specific grants for online businesses may be limited, broader programs from Burnley Borough Council and Boost Business Lancashire can support various business types, including online ventures.

    2. How much funding can I get through these programs?

    Funding amounts vary depending on the program. For example, Start Up Loans offer up to £25,000, while Boost Business Lancashire offers grants with different funding limits based on the project's scope.

    3. Am I eligible if my business is not yet registered?

    Some programs may require your business to be registered, while others might support pre-start businesses. Check the specific program requirements for details.

    4. What kind of business plan do I need?

    A detailed business plan outlining your business model, target market, financial projections, and growth strategy is usually required for application.

    5. How long does the application process take?

    The application timeline varies for each program. Contact the organizations directly for estimated processing times.

    6. Can I apply for multiple grants or loans?

    In some cases, you might be able to combine funding from different sources. Consult with the program providers for guidance on this.

    7. Are there any fees associated with applying?

    Most grant programs do not have application fees, but loan schemes might have arrangement or interest fees. Check the specific details for each program.

    8. What if my business is not in a "high-growth" sector?

    While some programs prioritize high-growth sectors, others might have broader eligibility criteria. Explore all available options to find suitable funding.

    9. Can I use the funding for marketing and advertising?

    Generally, funding can be used for various business expenses, including marketing, website development, and inventory. Verify specific allowable expenses with each program.

    10. Where can I get help with my application?

    Business support organizations and the council's economic development team can offer guidance and assistance with your application, helping you navigate the process.

     

    By exploring these resources and seeking advice from business support organizations, you can increase your chances of securing the financial support needed to launch or grow your business in Burnley.

     

     

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