Caitlin Iley

Fancy a £25k Business Boost? Simply Business launches grant for small businesses

By Callie Iley | 03 July 2022 | Business, News

Simplybusiness Small Business Boost 2022

Small business insurance provider, Simply Business, has announced its third iteration of the Business Boost grant of £25,000, offering UK small businesses financial support to continue their post-Covid recovery and navigate the current economic climate. 

UK CEO of Simply Business, Alan Thomas, comments: “Small businesses are built on big dreams, and we know finance plays a huge part in starting or growing a successful small firm.

“It’s never been more important to support the self-employed, with the impact of the pandemic and recent soaring costs making it a difficult environment for new and existing owners. We want to make a genuine transformational impact to one owner’s life. From our research, we know £25,000 does just that – the average cost for startups in year one alone stands at £22,756.

“The fact we had almost 25,000 applications last year shows how important it is to empower the nation’s entrepreneurs, as they look to navigate a tricky economic climate alongside the day-to-day challenges of being a small business owner,” Alan Thomas continues.

“Small businesses play a vital role in our communities and contribute enormously to our economy. It only felt right to return with our Business Boost grant for a third year, having witnessed its positive impact on two deserving small businesses in 2020 and 2021.”

Boasting an expert judging panel, the final winner will be decided after entries closed on 17 August 2022, and will be announced on 14 October 2022.

Last year’s panel included British businessman, Piers Linney and Carina Lepore, winner of The Apprentice.

Watch This Sp_ce, a diversity and inclusion consultancy business, won the grant in 2021, with founders Mo Kanjilal, Allegra Chapman and Rachel Pearson receiving £25,000.

Allegra Champan, Watch this Sp_ce co-creator, comments: “Winning Business Boost really took our business to the next level. It gave us the financial injection we needed to develop our audit and training platform so that we can provide a truly holistic service to organisations looking to make a meaningful impact with diversity and inclusion.

“It also helped to raise our profile and get us noticed by some very exciting new clients across the UK and beyond.”

The 2020 prize was picked up by Larissa Cooper of Norfolk-based textiles firm, Rowan Bay.

The data

Simply Business‘s recent study shows the pandemic and wider economic issues continue to have a negative impact on small businesses, noting that 70% of small business owners stated that rising costs and supply shortages are proving to be significant problems.

Almost one in six small businesses do not expect to return to pre-pandemic trading levels, and 87% of small business owners have reported losing an average of £20,981 each over the past two years.

To learn more or enter, see the Simply Business Business Boost grant website, here.