If you’re looking for financial help to innovate in your business, you’ll be pleased to know that a range of grants is available. However, applying for a grant can be complex, so it’s essential to understand the different criteria for each one. In this blog post, we’ll explain the key factors that are taken into consideration when awarding grants.
1) The Research and Development Tax Credit
This grant is available to businesses carrying out qualifying research and development (R & R&D) activities. Your business must have incurred expenditure on R&D projects that qualify for relief to be eligible. The credit is available at a rate of up to 33% of the expenditure and can be used to offset your tax bill.
To qualify for the R&D tax credit, your project must meet the following criteria:
-The project must aim to improve or create a new product, process or service
-The project must be carried out in the UK
-The project must involve qualified research and development activities
2) The Small Business Grant
This grant is available to businesses with fewer than 50 employees and a turnover of less than £25 million. The grant can be used to fund a wide range of business activities.
The Small Business Grant is worth up to £50,000, and businesses can apply for funding at any time during the year.
To be eligible for the Small Business Grant, your business must meet the following criteria:
-The business must be based in the UK
-The business must have fewer than 50 employees
-The business must have a turnover of less than £25 million
-The project must aim to improve or create a new product, process or service
-The project must be carried out in the UK
-The project must involve qualified research and development activities
3) The Technology Grant
This grant is available to businesses that are developing or using new or innovative technology. The grant can be used to fund a wide range of business activities, including R&D projects.
The Technology Grant is worth up to £100,000, and businesses can apply for funding at any time during the year.
To be eligible for the Technology Grant, your business must meet the following criteria:
-The project must aim to improve or create a new product, process or service
-The project must be carried out in the UK
-The project must involve qualified research and development activities
-The technology being developed must be new or innovative
4) The Business Expansion Grant
This grant is available to businesses that want to expand their operations. The grant can be used to fund a wide range of business activities.
The Business Expansion Grant is worth up to £250,000, and businesses can apply for funding at any time during the year.
To be eligible for the Business Expansion Grant, your business must meet the following criteria:
-The project must aim to improve or create a new product, process or service
-The project must be carried out in the UK
-The project must involve qualified research and development activities
In conclusion, there is a range of grants available for businesses that want to innovate. The primary key criteria for each grant are outlined in this blog post, so be sure to read it carefully before applying.
