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Loans, social investment and tax reliefs: the money that isn't a grant

Start Up Loans, NPIF II, the Growth Guarantee Scheme, CDFIs, social investment, R&D and creative tax reliefs, Patent Box and revenue-based finance: how each is judged, what it costs and who fits, at October 2026.

FoundersSMEsSocial enterprises15 min readChecked 28 October 2026
On this page
  1. The reality
  2. Which kind of money fits you
  3. Loans: the question is whether you can repay
    1. Start Up Loans: a personal loan with a cap
    2. NPIF II: the ticket decides the door
    3. Banks, and the Growth Guarantee Scheme
    4. CDFIs: for the business the bank said no to
  4. Social investment: a mission, and still a repayment
  5. Tax reliefs: money back after you have spent it
    1. R&D: the merged scheme and ERIS
    2. Creative industry credits and reliefs
    3. Patent Box, in brief
  6. Revenue-based finance, briefly
  7. Pitfalls
  8. Checklist
  9. Questions
    1. Is a Start Up Loan a business loan?
    2. How do I get an NPIF II loan in the North West?
    3. Does the Growth Guarantee Scheme protect me?
    4. Does social investment have to be paid back?
    5. How much is R&D tax relief worth now?
    6. What are the creative industry tax credit rates in 2026?
  10. Sources

A grant assessor asks whether your project deserves public money. A lender asks whether you can repay. A social investor asks both. HMRC asks whether you have already spent on something the law counts. This guide shows who fits each kind of non-grant money, how they decide and what it costs, at 28 October 2026. Equity and SEIS/EIS are in Investors and The maths investors do.

  • A loan is judged on repayment, not innovation: cash flow, affordability, credit record, often a personal guarantee.
  • A Start Up Loan is a personal loan: £500 to £25,000 at a fixed 7.5% over one to five years.
  • NPIF II lends £25,000 to £100,000 (GC Business Finance, River Capital) and £100,000 to £2m (FW Capital) in the North West; CDFIs lend where banks decline.
  • Social investment needs a social mission and is still repaid. Key Fund lends £5,000 to £300,000, in six weeks on average.
  • R&D and creative reliefs are claims after you have spent. A first-time R&D claimant who misses the six-month notification loses the claim.
  • Ask for the APR: a "flat" 8.25% over five years is about 14.5% APR.

The reality

  • £181.4m lent by CDFIs to start-ups and small businesses in 2025; 88% had been declined by another lender17
  • 14.95% weighted average CDFI rate on SME loans in 2025; 6% on start-up loans17
  • 3,720 North West R&D claims for 2024-25, worth £575m; 40,325 UK-wide, down 17%47
  • 14.6% of SME R&D relief lost to error and fraud, HMRC's illustrative estimate for 2023-2441

Older advice is often wrong: Start Up Loans are 7.5%, not 6%1; R&D claims have needed a claim notification and an additional information form since 20233940; Social Investment Tax Relief closed to new investments on 6 April 202321.

Which kind of money fits you

Your situation Fits First step
Trading under five years, need £500 to £25,000 Start Up Loan1 A delivery partner such as GC Business Finance or Transmit54
Established, need £25,000 to £2m, bank said no NPIF II loans; a CDFI717 Match the ticket: see the NPIF II table
Bankable, up to £2m, short of security A bank, with the Growth Guarantee Scheme15 Your bank, then a second lender
Social mission, trading surplus, bank declined Key Fund; Kindred (Liverpool City Region); community shares2332 The Reach Fund if an investor says you are not ready29
A company that spent on qualifying R&D Merged scheme, or ERIS if loss-making and R&D-intensive37 Claim notification within six months of the period end39
Film, TV, games, theatre, concerts, exhibitions Creative credits and reliefs4853 BFI certification first for screen and games
Profits from a patented invention Patent Box58 Elect within two years of the period end
Recurring revenue, need speed, no dilution Revenue-based finance62 Get the APR in writing
Late-stage R&D in six sectors, can repay at 7.4% Innovation Loans: paused from 9 October 2026, reopening aimed for January 20276061 Innovate UK money

Loans: the question is whether you can repay

A lender asks whether cash flow covers the repayments with room to spare, what is recovered if it fails, and who else is on the hook.

The lender's pack
1. Business plan: what you sell, to whom, at what margin, who runs it
2. Cash-flow forecast, 12 to 36 months, monthly, with the repayments in it
3. Filed accounts and management accounts to the latest month
4. Bank statements (business, and personal for a Start Up Loan)
5. Debtors, creditors, existing borrowing, security already given
6. Use of funds, itemised, and what each item earns

Start Up Loans: a personal loan with a cap

GOV.UK: £500 to £25,000 at "a fixed interest rate of 7.5% per year" over one to five years, for UK residents aged 18 or over whose business has been "fully trading for less than 5 years", with up to 12 months of free mentoring. It is "an unsecured personal loan" and needs a credit check1.

What a delivery partner assesses

SWIG Finance must "assess an applicant's personal affordability, as well as the business' affordability", from a business plan, a 12-month cash flow forecast and a personal survival budget2.

First-timers miss the survival budget: what you need to live on, paid by the business on top of the repayments. £25,000 over five years at 7.5% is £500.95 a month, £5,056.92 of interest (Bearings' arithmetic)1.

Start Up Loans in the North West

£16.6m to 1,269 North West businesses in 2023/24, the region's best year3. Robin Valley, a Liverpool jewellery brand, took £15,000 through Transmit in 2023 to move into wholesale and employed 20 people a year later: "The Start Up Loan was our only option"4. Craft + Common's founders in Lytham St Annes "secured a total of £50k in Start Up Loan funding" from GC Business Finance for equipment in 2023, then self-funded a second studio and opened a third6.

NPIF II: the ticket decides the door

The Northern Powerhouse Investment Fund II is £660m for the North; by October 2025 it had put £115m into over 300 businesses7. Early smaller loans were sized to a named use: £25,000 to House of Care, Birkenhead, for extra contracts; £55,000 to Tilly and Ted Homeware, Lymm, to improve margins8.

Product North West manager Ticket In their words
Smaller loans GC Business Finance and River Capital £25,000 to £100,000 For "firms that might otherwise not receive investment"8
Business loans FW Capital £100,000 to £2m "loans up to £2 million to established businesses with the potential to grow"9
Equity PXN up to £5m Fund extended to £180m, September 2026; £45m into 50 businesses from 3,000+ applications12

Why River Capital said yes, twice

A second £100,000 to Green Bell Packaging, Liverpool, December 2024, having "seen Green Bell's progress, including timely repayment of the initial loan and operational improvements"10. £100,000 to Green Scenery, Preston, March 2026: an "established, growth-oriented SME that NPIF II is designed to support", with a costed plan including eight apprenticeships11.

No NPIF II page we could open gives rates, fees or guarantee terms: ask, in writing.

Banks, and the Growth Guarantee Scheme

A bank suits two years of filed accounts, a profit or a clear path to one, and security. A designated bank that declines you must, with your agreement, pass your details to designated finance platforms (not for facilities under £1,000 or 30 days)16.

The Growth Guarantee Scheme (GGS) gives the lender a 70% government guarantee on facilities up to £2m per business group1413. On 13 July 2026 the Chancellor announced a turnover cap raised from £45m to £54m and terms of up to 10 years on loans up to £1.1m, without an effective date14. GOV.UK's scheme page (29 June 2026) still says £45m; NatWest's applied £54m at 28 October 20261315. Ask your lender.

What a GGS lender's page says

NatWest: the guarantee is "against the outstanding balance of the facility after it has completed its normal recovery process"; "The borrower always remains 100% liable for the debt"; personal guarantees are at the bank's discretion; "Principal Private Residences cannot be taken as security within the Scheme"15. The guarantee protects the lender; it buys you a yes.

CDFIs: for the business the bank said no to

Community development finance institutions (CDFIs) are not-for-profit lenders. In 2025 they made 6,869 loans worth £181.4m to start-ups and small businesses, 88% of which "had previously been declined by another lender". Start-up loans averaged £12,595 and SME loans £97,694, both over about four and a half years. The North West took 15% of CDFI small business loans, the largest regional share17. Find one at findingfinance.org.uk18. Borrow at 15% only if the margin on what it buys beats it.

CDFIs in the North West

Business Finance Cumbria (formerly Enterprise Answers), not-for-profit since 2004, lends "from £25,001 up to £150,000" and had lent over £2m five months into its financial year by September 202619.

Rates compared, from GOV.UK, Responsible Finance, Key Fund and Bearings' arithmetic1172362:

What the money costs a year (nominal annual rate)
Start Up Loan, fixed7.5%
CDFI start-up loans, 2025 average6%
Key Fund 8.25% flat over 5 years, as APR14.5%
CDFI SME loans, 2025 weighted average14.95%
Revenue-based advance, 1.2x cap repaid in 6 months65.7%

Social investment: a mission, and still a repayment

Good Finance: social investment "is NOT a direct, like-for-like replacement for grants." The first question: "Do you have an income stream with a surplus that can cover the interest of the loan?"20 CDFI loans to social enterprises averaged £204,095 at 6.25% over 7.75 years in 202517.

Key Fund's four gates

Based in the North of England or Midlands; a legal company, or intending to form one; "a direct social mission at its heart"; declined by a mainstream bank. Then a business plan and cash flow forecast, an investment manager who may visit, and a monthly panel. "On average this whole process takes 6 weeks."2324

Key Fund invests "from £5k up to £300k"22. Its Northern Impact Fund 2 (£8.45m, open until 2027) lends £5,000 to £150,000 over one to five years with a grant paid up front2523.

Flat is not APR

Key Fund quotes flat rates: 8.25% (Regional Growth Fund), 6.5% (Community Business Fund), 4.5% (Property Fund)23. Flat interest is charged on the whole sum for the whole term: £50,000 at 8.25% flat over five years is £20,625 of interest, £1,177.08 a month, about 14.5% APR; 6.5% flat over ten years is about 11.0% (Bearings' arithmetic).

If an investor says something is missing, the Reach Fund pays £5,000 to £15,000 for that work, if you expect to raise repayable finance within 6 to 12 months, reinvest at least 51% of surpluses and have two independent directors. You apply through an Access Point, an approved social investor29.

Social money in the North West

  • Liverpool City Region: Kindred lends to socially trading organisations at "0% interest", decided by peer panels of past borrowers; its undated pages say £2.5m in 66 organisations and £3m in 55323031.
  • Greater Manchester: Key Fund took over GMCVO's Growth Fund, Enterprising Communities Fund and Proper Good Investment Fund in March 202527.
  • Cheshire: Autism Dogs CIC took £69,000 from Key Fund (£53,000 loan, £16,000 grant) to double training hours and add five staff26.
  • Manchester: the Caribbean & African Health Network, a CIC, borrowed £120,000 from Key Fund to keep services running through "short-term financial instability" from a health and social care reorganisation (Responsible Finance, May 2026; the loan is undated)1728.

Community shares are "withdrawable, non-transferable share capital" of co-operative and community benefit societies: over £245m raised since 2012 by more than 1,000 businesses, 92% still trading33. No member may hold over £100,00034; members can withdraw, so plan for it. Projekts MCR, a Manchester skatepark, raised £75,000 this way in 2018 from almost 50 investors36. The Booster Fund offers "business development grants and equity match-funding for your community share offer"; its page shows no dates, so check it is open35.

Tax reliefs: money back after you have spent it

Nothing here is scored: you spend, claim in the Company Tax Return, and HMRC pays or checks, months after the cost. You need a limited company.

R&D: the merged scheme and ERIS

For accounting periods beginning on or after 1 April 202437:

Scheme Who Worth Conditions
Merged R&D expenditure credit Any company doing qualifying R&D "20%", taxable: about 15p per £1 at the 25% main rate, 16.2p at 19% (Bearings' arithmetic) Payable credit capped at £20,000 plus 300% of PAYE and NIC unless exempt
Enhanced R&D intensive support (ERIS) Loss-making SMEs whose "relevant R&D expenditure is at least 30% of its total expenditure", connected companies included An extra 86% deduction and an untaxed credit "worth up to 14.5% of the surrenderable loss": up to about 27p per £1 Same PAYE cap; a company that met the test last period and claimed then can qualify

A grant no longer cuts the merged credit: where a grant covers part of the R&D costs "the amount of relief available will not be reduced"38. More in Innovate UK money.

The order of a claim, from HMRC's guidance44394041:

An R&D claim in order
  1. Check it qualifiesan advance in science or technology that a competent professional could not readily work out
  2. Notify HMRCfirst claim, or none for three years: within six months of the period end, or the claim "will be invalid"
  3. Record as you gotimesheets; notes on the baseline, the uncertainty and what was tried
  4. Additional information formbefore the tax return or the same day, form first, with project details and a senior R&D contact
  5. HMRC's turn92% of claims processed within 40 days in 2023-24; 17% checked

HMRC on who must say it is R&D

A competent professional is "someone suitably qualified or experienced in the field". "HMRC have reduced the value of some claims to zero" where none identified the advance. A wholesaler's award-winning director did not count for a stock-system project: "His competency lies in the wholesale trade."43

HMRC's random enquiries into 2021-22 claims found "around half of claims from SMEs were non-compliant in part or in full", hence the paperwork41. To take the risk off the table, a first-time SME with turnover below £2m and fewer than 50 employees can get full-claim advance assurance for its first three accounting periods46; other eligible SMEs can make up to two applications for targeted assurance on one "complex or high-risk" area each, in a pilot to May 202745.

R&D claims from the North West

3,720 claims for 2024-25, worth £575m on £3.47bn of R&D spend: 9.2% of UK claims and 7.0% of relief, 90% SME-type, down 17% from 4,470 in 2023-24 (HMRC tables, Bearings' arithmetic)47. HMRC names no claimants.

Creative industry credits and reliefs

Screen and games moved to taxable expenditure credits for spend from 1 January 2024; the old reliefs close for all productions from 1 April 20275052. These credits need BFI British certification and 10% of core costs on UK activities4851. Theatre, orchestra and museum reliefs have permanent rates from 1 April 202557.

Credit or relief Rate Per £100 of all-UK core costs (Bearings' arithmetic) Key conditions
AVEC: film and high-end TV 34% of qualifying costs: the lower of 80% of core costs or UK core costs £20.40 after 25% tax HETV needs £1m average core spend per slot hour50; visual effects costs from 1 January 2025 earn 39% outside the 80% cap48
AVEC: animation and children's TV 39% £23.40 after tax Same 80% cap48
AVEC: independent film 53% on up to £15m of core costs £31.80 after tax Core costs £23.5m or less; BFI low-budget certificate; UK writer or director, or co-production; photography from 1 April 20244849
Video games (VGEC) "34% of your qualifying expenditure" £20.40 after tax 80% cap; cultural test51
Theatre, orchestra, museums and galleries Losses surrendered at 40%, or 45% touring; orchestras 45% up to £32, or £36 at 45% Theatre touring: 6+ premises, or 14+ performances at 2+; orchestras "a minimum of 12 instrumentalists"; museums: charity or charity- or council-owned companies, credit capped at £80,000 (£100,000 touring) per exhibition53545556

Screen figures are the rate times the 80% cap, less 25% tax (the BFI's 25.5%, 29.25% and 39.75% are per £1 of qualifying cost)50; stage figures are the 80% deduction times the surrender rate, the most a loss-making production gets56. Returns from 6 April 2026 need the CT600P page4851.

What £100 of all-UK core costs returns (Bearings' arithmetic)
Film, high-end TV, video games (34%)20.4
Animation and children's TV (39%)23.4
Independent film (53%)31.8
Theatre or museum, non-touring (40%)32
Touring theatre or museum, any orchestra (45%)36

A £1m film shot entirely in the UK

Qualifying costs are capped at 80% of core costs, £800,000. The credit is 34% of that, £272,000, taxed at 25% to leave £204,000: 20.4% of the budget, paid after the return, so it finances the next film, not this one (Bearings' arithmetic)48.

Patent Box, in brief

Elect in and profits from patented inventions are taxed at "the lower rate of Corporation Tax which is 10%". The patent must come from the UK IPO, the European Patent Office or named EEA states; you must own or exclusively license it and have done qualifying development; elect "within 2 years after the end of the accounting period"58. In 2024-25 large companies took 95% of the £2,283m claimed59. See Intellectual property.

£1m of patent profit

Taxed at 10% instead of 25%, £1m of qualifying patent profit saves £150,000 a year, before the streaming adjustments (Bearings' arithmetic)58.

Revenue-based finance, briefly

An advance repaid as a share of revenue up to a fixed cap, sold as a "fee". £100,000 at a 1.2x cap costs 65.7% nominal APR if repaid in six months, 35.1% over 12, 23.9% over 18 (The maths investors do)62. It suits predictable recurring revenue.

Pitfalls

Pitfall Why it costs Fix
Signing a personal guarantee unread A Start Up Loan is yours; a GGS borrower "always remains 100% liable"; under GGS only your main home is off limits as security115 Ask what is secured; cap it; tell your co-owners
Asking the wrong ticket £150,000 from a £25,000 to £100,000 fund, or £10,000 from a lender whose minimum is £25,001, fails unread819 Match the ask to the published range
Claiming R&D for routine work HMRC rules out routine adaptation, fine-tuning, scale-up and work that is merely "cutting-edge or innovative"44 A competent professional writes the technical case; "The facts of an R&D claim always remain the company's responsibility"42
Missing the claim notification, or filing before the information form The claim "will be invalid", or "will not be accepted"3940 Diary six months after the period ends; form first, return second
Treating a tax credit as this year's cash It follows the year end and the return, capped by your PAYE bill37 Let a loan or grant fund the work and the credit refinance it

Checklist

Questions

Is a Start Up Loan a business loan?

No. GOV.UK calls it "an unsecured personal loan" of £500 to £25,000 at a fixed 7.5% over one to five years, with a credit check. You repay it even if the business closes1.

How do I get an NPIF II loan in the North West?

Match the amount to the manager: £25,000 to £100,000 through GC Business Finance and River Capital, £100,000 to £2m through FW Capital, equity up to £5m through PXN. Expect an enquiry, a meeting, assessment, then funds79.

Does the Growth Guarantee Scheme protect me?

No. The 70% guarantee protects the lender; "The borrower always remains 100% liable for the debt", though your main home cannot be taken as security15.

Does social investment have to be paid back?

Yes. It is "NOT a direct, like-for-like replacement for grants"; you need a surplus to cover the interest. Kindred's Liverpool City Region money is at 0% interest2032.

How much is R&D tax relief worth now?

About 15p per £1 of qualifying spend under the merged scheme's taxable 20% credit; up to about 27p under ERIS for loss-making SMEs spending at least 30% of total expenditure on R&D37.

What are the creative industry tax credit rates in 2026?

34% for film, high-end TV and games, 39% for animation and children's TV, 53% for independent films with core costs of £23.5m or less, all taxable and on at most 80% of core costs; theatre 40% (45% touring), orchestra 45%, museums and galleries 40% or 45%. The old reliefs close from 1 April 202748515750.

Sources

  1. GOV.UK, "Apply for a Start Up Loan for your business" (£500 to £25,000; fixed 7.5%; 1 to 5 years; 18 or over; UK resident; trading under 5 years; up to 12 months of free mentoring; "an unsecured personal loan"; credit check; no updated date shown), read 28 October 2026. https://www.gov.uk/apply-start-up-loan ↩↩↩↩↩↩↩

  2. SWIG Finance, a Start Up Loans delivery partner, "SWIG's guide to a successful Start Up Loan application" (compulsory business plan, 12-month cash flow forecast and personal survival budget; personal and business affordability), read 28 October 2026. https://www.swigfinance.co.uk/swigs-guide-to-a-successful-start-up-loan-application/ ↩

  3. Business Manchester, "North West start-ups secure £16.6 million boost", 9 May 2024 (2023/24: £16.6m, 1,269 businesses; "best ever" year for the North West). https://www.businessmanchester.co.uk/2024/05/09/north-west-start-ups-secure-16-6-million-boost ↩

  4. Growth Platform, "Liverpool businesses boosted by £10m of Start Up Loans support", 23 July 2024 (1,169 loans, £10m, average £8,552; Robin Valley £15,000 in 2023 via Transmit, 20 staff a year later, founder quotes). https://growthplatform.org/?p=25150 ↩↩

  5. Marketing Stockport, "Greater Manchester's female entrepreneurs given £20 million boost through Start Up Loans", 19 December 2024 (£20m across 2,156 loans; EZ Hampers, Altrincham, £10,000 via GC Business Finance). https://marketingstockport.co.uk/news/greater-manchesters-female-entrepreneurs-given-20-million-boost-through-start-up-loans ↩

  6. pro-manchester, "Lancashire-based craft studio business opens third location following Start Up Loan success", 19 August 2025 ("The pair originally secured a total of £50k in Start Up Loan funding" from GC Business Finance; equipment; Lymm studio self-funded; Lancaster the third; the article does not say how the £50k was split). https://www.pro-manchester.co.uk/newsrooms/lancashire-based-craft-studio-business-opens-third-location-following-start-up-loan-success/ ↩

  7. British Business Bank release via Pressat, "Northern businesses benefit from over £180m of investment since the launch of the Northern Powerhouse Investment Fund II", 20 October 2025 (£660m; £115m into over 300 businesses; £68m co-investment; products and North West managers). https://pressat.co.uk/releases/northern-businesses-benefit-from-over-180m-of-investment-since-the-launch-of-the-northern-powerhouse-investment-fund-ii-3381229a4f70e12a85ccc9fceba98274 ↩↩↩

  8. British Business Bank release via pro-manchester, "GCBF and River Capital drive North West growth with over £1m NPIF II investment boost", 7 February 2025 (£1.4m to 23 businesses; House of Care £25,000; Tilly and Ted £55,000; purpose quotes). https://www.pro-manchester.co.uk/newsrooms/gcbf-and-river-capital-drive-north-west-growth-with-over-1m-npif-ii-investment-boost/ ↩↩↩

  9. FW Capital, home page ("loans up to £2 million to established businesses with the potential to grow"; four-step process), read 28 October 2026. https://fwcapital.co.uk/ ↩↩

  10. Growth Platform, "NPIF II – River Capital invests in sustainability business with £100k loan", 17 December 2024 (Green Bell Packaging, Liverpool; second £100,000; Sue Chambers quote). https://growthplatform.org/news/2024/12/npif-ii-river-capital-invests-in-sustainability-business-with-100k-loan ↩

  11. Lancashire Business View, "Preston landscaping business Green Scenery secures £100k NPIF II funding boost", 17 March 2026 (uses of funds; eight apprenticeships; Jonathan Nelson quote). https://www.lancashirebusinessview.co.uk/latest-news-and-features/preston-landscaping-business-green-scenery-secures-100k-npif-ii-funding-boost ↩

  12. BusinessCloud, "PXN's NPIF II fund extended to £180m", 8 September 2026 (£80m extension; investment period to 2030; 3,000+ applications; £45m into 50 businesses; up to £5m). https://businesscloud.co.uk/news/pxns-npif-ii-fund-extended-to-180m/ ↩

  13. GOV.UK, "Growth Guarantee Scheme", published 29 June 2026 (facility types; up to £2m per business group; turnover not exceeding £45m), read 28 October 2026. https://www.gov.uk/business-finance-support/growth-guarantee-scheme ↩↩

  14. GOV.UK, "Chancellor to unlock billions in finance for small businesses", 13 July 2026 (70% guarantee on loans up to £2m; maximum term from six to 10 years for loans up to £1.1m; maximum turnover from £45m to £54m; no effective date given). https://www.gov.uk/government/news/chancellor-to-unlock-billions-in-finance-for-small-businesses--2 ↩↩

  15. NatWest, Growth Guarantee Scheme page (minimum term loan £25,001; up to 10 years for loans of £1.1m or less; 70% guarantee after recovery; "100% liable"; personal guarantees at discretion; principal private residences excluded; turnover up to £54m), read 28 October 2026. https://www.natwest.com/business/loans-and-finance/growth-guarantee-scheme.html ↩↩↩↩↩

  16. The Small and Medium Sized Business (Finance Platforms) Regulations 2015, SI 2015/1946, regulation 3 (duty to pass information on an unsuccessful application to designated finance platforms with the business's agreement; exclusions under £1,000 or under 30 days). https://www.legislation.gov.uk/uksi/2015/1946/regulation/3/made ↩

  17. Responsible Finance, Impact Report 2026 (PDF, May 2026; lending in 2025: £181.4m and 6,869 loans to start-ups and small businesses, 88% previously declined; start-up and SME averages, rates and terms; North West 15% of small business loans; social enterprise loans averaging £204,095 at 6.25% over 7.75 years; customer story: Key Fund's £120,000 loan to the Caribbean & African Health Network, undated). https://responsiblefinance.org.uk/wp-content/uploads/2026/05/Responsible-Finance-2026-Impact-Report.pdf ↩↩↩↩↩↩↩

  18. Finding Finance, free loan-matching service of the Community Development Finance Association, read 28 October 2026. https://www.findingfinance.org.uk/ ↩

  19. Business Finance Cumbria (formerly Enterprise Answers), home page ("from £25,001 up to £150,000"; not-for-profit; established 2004; more than £2m lent five months into the financial year, news of 26 September 2026), read 28 October 2026. https://www.businessfinancecumbria.co.uk/ ↩↩

  20. Good Finance, "The ultimate guide to social investment", 18 April 2024 (definition; not a replacement for grants; the surplus question). https://www.goodfinance.org.uk/latest/post/ultimate-guide-social-investment ↩↩

  21. GOV.UK, "Venture capital schemes: tax relief for investors", updated 6 April 2026 ("Social Investment Tax Relief will not be available for new investments made on or after 6 April 2023"). https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors ↩

  22. Key Fund, home page ("investments from £5k up to £300k"; "turned down by mainstream banks and building societies"; North of England and Midlands), read 28 October 2026. https://thekeyfund.co.uk/ ↩

  23. Key Fund, Funding page (eligibility; Northern Impact Fund 2 £5,000 to £150,000 over 1 to 5 years; Regional Growth Fund usually 8.25% flat; Community Business Fund 6.5% flat; Property Fund 4.5% flat), read 28 October 2026. https://thekeyfund.co.uk/funding/ ↩↩↩↩↩

  24. Key Fund, Apply page (six steps; monthly panel; "On average this whole process takes 6 weeks"), read 28 October 2026. https://thekeyfund.co.uk/apply/ ↩

  25. Cause UK, "Final piece of £8.45m secured for Key Fund Northern Impact Fund 2", 9 September 2024 (open until 2027; £5,000 to £150,000; grant paid up front). https://causeuk.com/final-piece-of-8-45m-secured-for-key-fund-northern-impact-fund-2 ↩

  26. Key Fund, client story: Autism Dogs, Cheshire (£69k: £53k loan and £16k grant; undated), read 28 October 2026. https://thekeyfund.co.uk/client-stories/autism-dogs/ ↩

  27. Cause UK, "Key Fund step in to continue support for Greater Manchester enterprises and charities", 13 March 2025 (Growth Fund, Enterprising Communities Fund and Proper Good Investment Fund taken over after GMCVO entered administration in 2024). https://www.causeuk.com/key-fund-step-in-to-continue-support-for-greater-manchester-enterprises-and-charities/ ↩

  28. Caribbean & African Health Network, home page (a Community Interest Company at Richmond House, 11 Richmond Grove, Manchester M13), read 28 October 2026. https://www.cahn.org.uk/ ↩

  29. Social Investment Business, Reach Fund (grants of £5,000 to £15,000; eligibility; Access Points; financed by Access; "Currently open?" yes; application guidance April 2026), read 28 October 2026. https://www.sibgroup.org.uk/funds/reach-fund/ ↩↩

  30. Kindred, FAQ ("We have invested £2.5 million in 66 organisations"; undated), read 28 October 2026. https://kindred-lcr.co.uk/faq/ ↩

  31. Kindred, home page ("So far, Kindred has invested £3m in 55 organisations"; undated), read 28 October 2026. https://kindred-lcr.co.uk/ ↩

  32. Kindred, Kindred money page ("offered at 0% interest"; "patient (long term)"; "Peer panels, with STOs who have already been through the investment process, make all Kindred investment decisions."), read 28 October 2026. https://kindred-lcr.co.uk/kindred-money/ ↩↩↩

  33. Co-operatives UK, "About community shares" ("withdrawable, non-transferable share capital"; over £245m since 2012; 1,000+ businesses; 92% still trading), read 28 October 2026. https://www.uk.coop/support-your-co-op/community-shares/about-community-shares ↩

  34. Co-operative and Community Benefit Societies Act 2014, section 24 (a member "may not have or claim any interest in the society's withdrawable shares exceeding £100,000"). https://www.legislation.gov.uk/ukpga/2014/14/section/24 ↩

  35. Co-operatives UK, Community Shares Booster Fund (grants and equity match-funding; funded by Access; no dates shown), read 28 October 2026. https://www.uk.coop/support-your-co-op/community-shares/community-shares-booster-fund ↩

  36. Business Manchester, "Manchester skatepark exceeds initial crowdfund target", 15 November 2018 (Projekts MCR; £50,000 in 24 hours; target raised to £75,000; almost 50 investors). https://www.businessmanchester.co.uk/2018/11/15/manchester-skatepark-exceeds-initial-crowdfund-target ↩

  37. GOV.UK, "R&D tax relief: the merged scheme and enhanced R&D intensive support", updated 8 January 2026 (20% credit, taxable; ERIS 86% extra deduction and payable credit up to 14.5% of the surrenderable loss; 30% intensity, with the previous-period rule; PAYE cap £20,000 plus 300%; periods beginning on or after 1 April 2024), read 28 October 2026. https://www.gov.uk/guidance/research-and-development-rd-tax-relief-the-merged-scheme-and-enhanced-rd-intensive-support ↩↩↩↩

  38. HMRC policy paper, "Merger of current SME and RDEC schemes", updated 23 November 2023 ("The SME rules restricting relief where part of the project expenditure has been subsidised have been removed"; a grant covering part of the R&D costs: "the amount of relief available will not be reduced"). https://www.gov.uk/government/publications/research-development-rd-tax-relief-reforms/merger-of-current-small-or-medium-enterprise-sme-and-research-and-development-expenditure-credit-rdec-schemes ↩

  39. GOV.UK, "Tell HMRC that you're planning to claim R&D tax relief", updated 31 October 2024 (claim notification period ends 6 months after the end of the period of account; required for first claims or where the last claim was more than 3 years before the end of that period; otherwise the claim "will be invalid"). https://www.gov.uk/guidance/tell-hmrc-that-youre-planning-to-claim-research-and-development-rd-tax-relief ↩↩↩↩

  40. GOV.UK, "Submit detailed information before you claim R&D tax relief", updated 26 September 2025 (additional information form mandatory from 8 August 2023; before or on the same day as the return, form first; main senior internal R&D contact; project details; without it a claim "will not be accepted"). https://www.gov.uk/guidance/submit-detailed-information-before-you-claim-research-and-development-rd-tax-relief ↩↩↩

  41. HMRC, "Approach to Research and Development tax reliefs 2023 to 2024", 30 October 2024 (error and fraud estimates; random enquiry findings; 17% compliance coverage; 92% of claims processed within 40 days). https://www.gov.uk/government/publications/hmrcs-approach-to-research-and-development-tax-reliefs-2023-to-2024/approach-to-research-and-development-tax-reliefs-2023-to-2024 ↩↩↩

  42. HMRC, Guidelines for Compliance GfC3, part 2, "Expectations of claimants", published 31 October 2023, updated 23 January 2025. https://www.gov.uk/government/publications/help-to-see-if-your-work-qualifies-as-research-and-development-for-tax-purposes-gfc3/expectations-of-claimants-part-2 ↩

  43. HMRC, GfC3, part 3, "Importance of a competent professional". https://www.gov.uk/government/publications/help-to-see-if-your-work-qualifies-as-research-and-development-for-tax-purposes-gfc3/importance-of-a-competent-professional-part-3 ↩

  44. HMRC, GfC3, part 4, "How to identify qualifying R&D activities" (readily deducible; routine adaptation, fine-tuning, scale-up and "cutting-edge or innovative" work that seeks no advance). https://www.gov.uk/government/publications/help-to-see-if-your-work-qualifies-as-research-and-development-for-tax-purposes-gfc3/how-to-identify-qualifying-rd-activities-part-4 ↩↩

  45. GOV.UK, "R&D tax relief: targeted advance assurance", last updated 18 May 2026 (pilot to May 2027; eligible SMEs; one project and one assurance area per application; up to 2 applications). https://www.gov.uk/guidance/research-and-development-tax-relief-advance-assurance ↩

  46. GOV.UK, "Apply for full claim advance assurance on your first R&D tax relief claim", 18 May 2026 (first-time claimants with turnover below £2m and fewer than 50 employees; first 3 accounting periods). https://www.gov.uk/guidance/apply-for-full-claim-advance-assurance-on-your-first-research-and-development-rd-tax-relief-claim ↩

  47. HMRC, "Research and Development Tax Credits Statistics: September 2026", 29 September 2026 (2024-25 provisional: 40,325 claims, down 17%; £8.2bn relief, up 5%), and its main tables (ODS), table RD5, regional analysis 2023-24 and 2024-25; North West shares and the SME count are Bearings' arithmetic from the tables. https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit/research-and-development-tax-credits-statistics-september-2026 ↩↩

  48. GOV.UK, "Claim Audio-Visual Expenditure Credits for Corporation Tax", updated 19 February 2026 (34%, 39% and 53% rates; 80% cap; independent film conditions; visual effects at 39% outside the cap from 1 April 2025 on costs from 1 January 2025; taxed at the main rate; BFI certification; 10% UK; expenditure from 1 January 2024; CT600P from 6 April 2026). https://www.gov.uk/guidance/claim-audio-visual-expenditure-credits-for-corporation-tax ↩↩↩↩↩↩↩↩

  49. HMRC, Creative Industries Expenditure Credit Manual CREC021110, independent films, updated 9 April 2026 (£23.5m budget condition; 53%; £15m cap; claims from 1 April 2025). https://www.gov.uk/hmrc-internal-manuals/creative-industries-expenditure-credit-manual/crec021110 ↩

  50. BFI, "About UK creative industry expenditure credits" (net values 25.5%, 29.25%, 39.75% after tax; HETV £1m per slot hour; "all productions must claim under the expenditure credits from 1 April 2027 when the current tax reliefs will end"), read 28 October 2026. https://www.bfi.org.uk/apply-british-certification-expenditure-credits/about-uk-creative-industry-expenditure-credits ↩↩↩↩

  51. GOV.UK, "Claiming Video Games Expenditure Credits for Corporation Tax", updated 19 February 2026 ("34% of your qualifying expenditure"; 80% cap; taxed at the main rate; cultural test; 10% UK; from 1 January 2024; CT600P from 6 April 2026). https://www.gov.uk/guidance/claiming-video-games-expenditure-credits-for-corporation-tax ↩↩↩↩

  52. GOV.UK, "Claiming Video Games Tax Relief for Corporation Tax", updated 19 February 2026 ("The relief will close for all productions from 1 April 2027"; no claims for productions starting the production phase after 31 March 2025). https://www.gov.uk/guidance/claiming-video-games-tax-relief-for-corporation-tax ↩

  53. GOV.UK, "Claiming Theatre Tax Relief for Corporation Tax", updated 19 February 2026 (25% UK/EU and 10% UK core costs; 80% additional deduction; 40% and 45% from 1 April 2025; touring definition). https://www.gov.uk/guidance/claiming-theatre-tax-relief-for-corporation-tax ↩↩

  54. GOV.UK, "Claiming Orchestra Tax Relief for Corporation Tax", updated 19 February 2026 ("a minimum of 12 instrumentalists"; 45% from 1 April 2025). https://www.gov.uk/guidance/claiming-orchestra-tax-relief-for-corporation-tax ↩

  55. GOV.UK, "Claiming Museums and Galleries Exhibition Tax Relief for Corporation Tax", updated 19 February 2026 (charitable company or one wholly owned by a charity or local authority; 40% and 45% from 1 April 2025). https://www.gov.uk/guidance/claiming-museums-and-galleries-exhibition-tax-relief-for-corporation-tax ↩

  56. HMRC, Museums and Galleries Exhibition Tax Relief Manual MGETR70030, updated 9 April 2026 ("a maximum of £80,000 per exhibition" non-touring; "£100,000 per exhibition" touring; worked examples: 32% non-touring and 36% touring for a company with no taxable profits). https://www.gov.uk/hmrc-internal-manuals/museums-and-galleries-exhibition-tax-relief/mgetr70030 ↩↩

  57. GOV.UK policy paper, "Permanent 40% and 45% rates for theatre, orchestra, museum and galleries tax reliefs", 6 March 2024 (rates from 1 April 2025; previous temporary rates; MGETR sunset clause to be removed). https://www.gov.uk/government/publications/corporation-tax-new-permanent-rates-of-relief-for-theatre-orchestra-museum-and-galleries-tax-relief/permanent-40-and-45-rates-for-theatre-orchestra-museum-and-galleries-tax-reliefs ↩↩

  58. GOV.UK, "Corporation Tax: the Patent Box", updated 7 May 2020 (10% rate; qualifying patents and development; election within 2 years after the end of the accounting period). https://www.gov.uk/guidance/corporation-tax-the-patent-box ↩↩↩

  59. HMRC, Patent Box relief statistics, September 2026 (2024-25 provisional: 1,735 companies; £2,283m; large companies 95% of relief), updated 24 September 2026. https://www.gov.uk/government/statistics/patent-box-reliefs-statistics/patent-box-relief-statistics-september-2026 ↩

  60. Innovation Funding Service, competition 2505, Innovation Loans Expression of Interest ("Update as of 28 September 2026: Applications for Innovation Loans will pause from 11am 9th October 2026 until January 2027"; £100,000 to £5m; 7.4% in repayment), read 28 October 2026. https://apply-for-innovation-funding.service.gov.uk/competition/2505/overview/8ef63f10-ea07-4ffd-9812-e944542751b6 ↩

  61. Innovate UK, "Expression of Interest (EOI) FAQ, Innovation Loans", updated 14 October 2026 ("We're working towards a January 2027 reopen date, subject to all our required governance and organisational checks being met"). https://iuk-business-connect.org.uk/wp-content/uploads/2026/10/Expression-of-Interest-EOI-FAQ-Innovation-Loans-June-2026-Updated-14-Oct-2026.pdf ↩

  62. Worked examples with inputs shown (revenue-based finance APRs, Start Up Loan amortisation) are in The maths investors do, re-run 28 October 2026; the broker inputs are from Capitalise. https://capitalise.com/gb/business-finance/revenue-based-financing ↩↩↩

Written for businesses, founders and researchers in the North West of England and checked against the sources listed above on 28 October 2026. Funders change their rules, so always read the current call before you apply. Spotted something out of date? Tell us.

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