The news comes as rising inflation, the surging cost of living and post-pandemic recovery continue to take a financial toll on small businesses.

Simply Business opened applications for the grant last month to help give a boost to small businesses, and since then has seen a wave of applicants with over 10,000 entries so far, underlining the need of funding and support for UK SMEs.

A panel of expert judges, including former Dragon’s Den investor and CEO of Moblox Piers Linney, and this year’s winner of The Apprentice Harpreet Kaur, will decide on the final winner of the grant. Entries will close on 17 August and the winner will be announced on 14 October.

2022 will mark the third year that Simply Business has been offering the grant. 

Alan Thomas, UK CEO at Simply Business, commented: “We’re astounded by the sheer number of applications we’ve received for our Business Boost grant and it shows the impact the current economic climate is having on small business owners.

“It’s never been more important to support the self-employed, with the impact of the recent soaring costs making it a difficult environment for new and existing business owners. We want to make a genuine transformational impact on one small business owner’s life. From our research, we know £25,000 does just that – the average cost for startups in year one alone stands at £22,7562.

“Small businesses are built on big dreams, and we know finance plays a huge part in starting or growing a successful small business. The fact we’ve had over 10,000 applications so far this 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.”

He concluded: “Small businesses play a vital role in our communities and contribute enormously to our economy. That’s why we’re giving away a £25,000 cash grant – to enable the big dreams of one small business owner and help them flourish.”