Innovation Grant
Innovation Grant
This grant has now expired or been withdrawn
Unfortunately, as business grants change, get withdrawn and new grants become available. It’s not now always feasible to list current grants online. So, if you’re a business based in the West Midlands seeking a business grant, please click the ‘Request a Callback’ button below to see if there is anything suitable is available. You may also wish to refer to the FAQ section below.
Details: Innovation Grant
Innovation Grant – What does it do?
It aims to stimulate innovation within SMEs to encourage and enable existing businesses to invest for the future, to lever private sector investment, create new and safeguard existing jobs.
Who is the Innovation Grant open to?
- SME’s across the Midlands which are looking to invest, create new jobs and safeguard existing jobs.
How much is the Innovation Grant worth?
- £10,000-£30,000
- Grant will be equivalent to 49.25pc of eligible project costs
- For example, the minimum grant of £10,000 will require a total project cost of £20,100
Capital Expenditure
The purchase of capital equipment and improvements in systems or processes.
New Product Development
Assistance towards concept development, testing, prototyping, and product launch.
New Market Development
Assistance for carrying out studies, product branding, attendance at exhibitions and trade fairs.
Business Innovation Mentoring
Including consultancy support to implement new innovation processes within the business.
Eligible Sectors
- Environment & Energy Technologies
- Aerospace
- Rail
- Business and Professional Services Medical Technologies Building Technologies
- IT & Digital
- Advanced Materials & Manufacturing
- Digital Media
- Food and Drink
AS THE GRANT ABOVE IS NO LONGER AVAILABLE (EXPIRED, WITHDRAWN)
REQUEST A CALL BACK BELOW TO SEE WHAT IS AVAILABLE
Business Grants have the lure of little risk, no interest, no capital repayments & generally being non-returnable. But, the stark reality of the business grant world is very much different, as there is, as you’d expect, high demand and fierce competition, with much time and effort required. Through many years of experience in helping local businesses access business grants, our applications retain a 100pc success rate.
If it’s found, there are no business grants for which you can apply, remember alternative funding routes exist, through which finance might be accessible, such as business loans, asset finance, funding packages. Whilst not ideal, or the preferred option, you may wish to contact us to see what funding routes are potentially on offer and how we could help.
Important to Note
To manage expectations, the business grants which we have access to do not apply to the retail, education or public service sectors (i.e. businesses that deal with and/or supply the general public). Or those businesses which operate from a residential address, or those which are either just starting up or in the early stages of being a startup. However, whilst business grants may not currently be available there may be other funding options via business loans (and in the case of many startups – personal loans via the government’s Start-Up Loan Scheme)
Frequent Business Grant Questions
Do you charge to let me know if grants are available to me?
No, there’s no charge to simply tell you whether or not there’s a suitable grant available. If we feel there is a suitable grant, we then talk more in-depth with you about what’s on offer and what’s needed to be able to apply for the grant. If everything doesn’t match we don’t pursue with any grant application(s) and there’s no charge. If everything does match, we agree on a charge then make the application in the knowledge it will be successful.
Do you actually provide the grants?
No, grants are not provided directly by us., and therefore we have no say in anything to do with grants. We work with finance partners who have direct access to the grants and as such our duty to them and you is in ensuring that the criteria of the grant(s) are matched by the businesses applying.
How successful are you with grant applications?
Our strength in grant applications is in knowing exactly what is required and expected by all parties. This has resulted in a 100% success rate of all grant applications made by us on behalf of our clients over many years.
I’m a new (start-up) business do any grants apply to me?
The business grants we’re able to access do not, unfortunately, apply to new businesses i.e. those operating for less than 12-18 months although the criteria of any given grant may in very rare cases cater for 12 months or slightly less.
What does match-funded mean?
The term match-funded is used by grant providers when there’s the expectation to be placed on the applicant to part-fund the need/requirement of the grant. As an example: if the business was seeking an £80,000 grant towards the purchase of equipment and there was a contribution requirement of 50/50. To be successful the most the grant award would be for would-be £40,000. As each grant has its differing criteria, totals and values used here are only by way of an example.
What happens if I cannot match-fund the grant I apply for?
Match-funded grants come with a stipulation as to what’s expected of the applicant to contribute i.e. 50/50, 60/40 70/30 etc. As not all businesses have the available funds to do this it’s not unheard of that they need to apply for a business loan in order to cover their element of contribution. This is something we can help with and would identify as part of the assessment of suitability for a grant application in the first instance.
I’ve ordered, started paying for what I need a grant for, is that ok?
The short answer is NO, to be successful with a grant application you must not have started or undertaken any direct purchasing or spending. An example being, if you need a grant for equipment, you can have identified the equipment you need, obtained quotes, but must not have signed an agreement to purchase, made a deposit or any other form of payment against the equipment before applying for the grant, otherwise, you’d be excluded from applying.
Why are businesses who serve the public excluded from your grants?
We have no control over the criteria which is set for the business grants we are able to access on behalf of West Midlands businesses. As grants become available we’re advised as to what the criteria and targeted sector/purpose are, and we have to strictly adhere to this in order for any grant application to be successful.
Looking for a Business Grant? Request a Call Back
If you’re based in the West Midlands, and interested in knowing more about what business grants might be available to you. Please provide a few brief details, note we’ve tailored the form below to try and cater for current grant availability to manage the expectation of an inquiry.
