4 min read · Aug 29, 2019
Are you looking for funding? Are you an established SME with plans to grow or do you have a business idea that you are ready to turn into reality?
Grants can be an obviously attractive option as they don’t always require repayments or stakes in return for funding, so they can be a very useful form of funding to grow your business.
With an influx of new business projects, there has been a significant increase in the demand for grants and funding. Applying for a grant is a great way to supplement income to ease the financial burden that often comes as part of running a business.
If you have a business or a feasible new business idea but need some help in getting it off the ground, read below to find out more about the latest grant and funding programs that have just become available on Swoop.
Innovate UK, as part of UK Research and Innovation, is to invest up to £1 million in collaborative R&D projects in the CELTIC programme, which is part of the EUREKA Network. The aim of this competition is to encourage the development of 5G in an international collaborative environment by helping UK organisations take part in the CELTIC programme.
The aim of the competition is to develop new ideas on how traffic and network management can be upgraded to accommodate ‘new mobility’ options in Oxfordshire.
The overall programme will be delivered over 2 phases. This is phase 1 of potential 2-phase competition. A decision to proceed with phase 2 will depend on the outcomes from phase 1. Only successful applicants from phase 1 will be able to apply to take part in phase 2.
AMOUNT: A total of up to £250,000, including VAT, is allocated to phase 1 of the competition. The second phase involves up to 2 R&D contracts being awarded to organisations chosen from the successful phase, 1 applicant. Up to £500,000, including VAT, will be allocated for each contract to develop a prototype and undertake field testing for up to 1 year.
DEADLINE: Competition opens Monday 4 March 2019 and Registration closes Wednesday 10 April 2019 12:00 pm
PROJECT SIZE: We expect projects to range in size up to total costs of £50,000, including VAT, for each organisation.
Innovate UK, part of UK Research and Innovation, is investing up to £2 million to fund collaborative research and development (CR&D) projects focused on industrial research.
Innovate UK will fund projects in photonics for advanced, or ‘industrial’, manufacturing. Advanced manufacturing is commonly defined as the use and/or integration of innovative technologies in order to improve both products and processes.
AMOUNT: Up to £2 million
DEADLINE: Competition opens on Monday 25 March 2019 and registration closes Monday 15 July 2019 12:00 p.m
PROJECT SIZE: Total eligible project costs per project are expected to be between EUR 750,000 and 2 million. This includes costs from all partners, from the UK and all other countries.
Innovate UK is to invest up to £6 million in collaborative, business-led research and development (R&D) projects. These projects should result in a new product, industrial process or service.
This funding is from UKRI’s Strategic Priorities Fund.
The aim of this competition is to solve industry-focused major cybersecurity-related challenges in the Internet of Things (IoT).
AMOUNT: Up to £6 million
DEADLINE: Competition opens Monday 18 February 2019 and competition closes Wednesday 1 May 2019 12:00 p.m
PROJECT SIZE: Your project’s total eligible costs must be between £2.5 million and £4 million and you can request up to £2 million grant.
Research:
Start by searching what grants are available to you. Swoop has a list of accessible grants, weather you are an established business or a start-up. You can view these options available to you by signing up here. Here you will find a wide range of grants available in many sectors such as manufacturing, tech businesses, research and development, aerospace, transport, energy and environment to name a few.
Check You are Eligible:
Once you have found the grant best suited to you and your business it is important to check you are eligible and fit the scope. Read the documentation carefully and ensure you check all of the criteria.
Prepare:
Preparation is the key to success. Make your application worth it by ensuring you have done all the necessary preparation. Before seeking funding it is important you have a solid and realistic business plan with sales projections, cash flow and loss forecasts. Make sure your business plan is tailored for the grant you are applying for. If you are a business who is already trading you will need bank statements and evidence of your finances. Prepare for your application as soon as you can to avoid missing out on its deadline.
For information on more grants that you can access through Swoop, you can sign up here.
