Small business insurance provider Simply Business is giving away £25,000 to help one new entrepreneur launch a new venture or help an existing UK SME bounce back from the challenges posed by the coronavirus pandemic.
Small businesses have a big, positive impact on society. Not only do they account for 99% of all UK businesses and generate £2tn annually to the economy, they provide vital jobs and services within communities right across the UK.
The common barriers to starting a small business are finance, fear and knowledge. So to help overcome, Simply Business is launching a £25,000 Business Boost grant - a significant sum given the average UK start up spends £22,756 in their first year.
To stand a chance of winning the cash, applicants must pitch their idea online along with their back story and what makes their business unique. Entries must be received by 17th September and the winner will be selected by an expert panel before being announced in October.
Entrants' businesses must not have an annual turnover exceeding £500,000 or have received over £50,000 in private funding in the past two years (this does not include government grants).
This is the second year that Simply Business has run its Business Boost initiative - last year it awarded £10,000 to Rowan Bay in Norfolk, which creates and designs sustainable artisan baby wraps and slings.
Alan Thomas, UK CEO at Simply Business, comments: “Small businesses are built on big dreams, and countless self-employed people have seen these dreams put to the test during this most challenging of periods. We want to make a genuinely transformational impact to a small business owner's life – with a cash injection that can put someone's big dream back on track.”
To learn more about the Simply Business Business Boost grant and enter the competition, visit: https://www.simplybusiness.co.uk/business-boost/