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Any Relief/Grants Available For Indie Studios In The UK?

Discussion in 'General Discussion' started by crimsonnight, Aug 14, 2020.

  1. crimsonnight

    crimsonnight

    Joined:
    May 21, 2014
    Posts:
    38
    Hey guys,

    Unfortunately, as a funding source no longer being available (due to the pandemic) money has become a big issue, which is especially difficult as we're on the verge of launching. As I work from home, I have been unable to claim the 'small business grant', with other relief-grants having similar stipulations. Are there any grants/funding I can look into, either set up as a direct result of the pandemic, or pre-existing?
    I have invested years into this project so am doing everything I can to keep it afloat!

    Cheers
     
  2. Aviryx

    Aviryx

    Joined:
    May 30, 2020
    Posts:
    97
    I'm curious when you say indi studio do you mean:

    1) a private (or public) registered company with a company number and tax code
    2) one guy/a few people working on a game but not within the capacity of an "official" business

    I'm going to assume 1 because if it's 2 then no... there is no help you can get.

    Firstly, did you apply for the job retention scheme? Even if you are just a one-man company you would still qualify. This would have allowed you to save 80% of wage expenses since March (The scheme is still running until october but it's now 70% - not 80% of wages)

    You might be able to back-claim wages in any case if you can prove you paid out to employees.

    "As I work from home, I have been unable to claim the 'small business grant', with other relief-grants having similar stipulations."

    I'm not aware of any grants that say "you can't work from home." but I'm hesistant to say you are lying or misunderstood. If that is the case then it's BS for them to do that... shouldn't matter if you work from home or not. Again, this is under the assumption you are a "legit" business and not just a guy who has worked on a game for 3 years in their spare time.

    The place I work for got a small business loan (£50,000) through the government.

    Worst case scenarios:

    1) Look for a publisher. They will most likely want a large chunk of post-launch revenue (70% +)
    2) BBLS (https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan)

    The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

    The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.


    You can apply for a loan if your business:

    • is based in the UK
    • was established before 1 March 2020
    • has been adversely impacted by the coronavirus


    3) Look at other lenders working with the government (https://www.british-business-bank.c...n-scheme-cbils-2/for-businesses-and-advisors/)

    Apart from that I'm not sure but hope it works out for you.
     
    angrypenguin likes this.
  3. crimsonnight

    crimsonnight

    Joined:
    May 21, 2014
    Posts:
    38
    Hi Aviryx, thank you for your thorough reply :)

    To answer your question, we are a private, registered company with a tax code. I have worked full-time on the project for years with freelancers whom are paid from my business account.

    Unfortunately I can't claim from the Job Retention Scheme for myself as I haven't paid myself any wages. I don't think I can claim it on behalf of my freelancers as I have continued to pay them (which has been a big struggle and is no longer viable).
    It's the same sort of story in regards to the Bounce Back Loan too, you can only claim for up to 25% of your turnover, as the game is unreleased no profits have been generated yet.

    I totally agree in regards to the Small Business Grant but you literally have to enter a 'Business rates reference number' at the top of the form to submit it. I contacted my local council a week or so ago explaining my situation and to ask if there's any way to submit the form without the number (or if there is any alternate funding I may be applicable for) but I haven't heard back yet.

    I'm open to a publisher, but as I've sunk years worth of time and finances into the project the agreement can't come from a place of desperation.

    I am going to look into the CBILS as you suggest, but if anyone has any other ideas please let me know!

    Thanks again :)
     
  4. Moonjump

    Moonjump

    Joined:
    Apr 15, 2010
    Posts:
    2,572