Deadline approaching for SME Business Innovation Fund applications

By Anita Jaynes on 23 August, 2021

The deadline is fast approaching for applications to The West of England Combined Authority’s Business Innovation Fund which provides SMEs with tailored support to bring new products, services and processes to market.

The Business Innovation Fund supports businesses from a wide range of sectors to help develop innovative projects and products that not only fulfil market demand, but also deliver industrial growth.

Support includes:

  • Grants of £20,000 or £50,000 to help progress research and development (R&D) activity.
  • An offer of bespoke assistance to help beneficiary companies develop an R&D roadmap.
  • Connection with our region’s leading research organisations.
  • Access to wider business support through the West of England Growth Hub and our partners.

You must be an SME based in the West of England and be able to match-fund the cost of your project.  You will also be required to complete your project within 12 months of the grant award.

The application process is simple:

  • Read the Business Innovation Fund – Grant Guidance and check you meet the basic criteria.
  • Complete and submit an Expression of Interest (EOI) form whilst the application window is open. Please note it is not first come, first served. All EOIs will be assessed when the window closes at 17:00 on 7th September 2021.
  • After the application window closes, the West of England Combined Authority team will review your EOI for eligibility and contact you with a decision. If you pass eligibility checks, you will be invited to submit a full application.
  • Your full application will then be reviewed by the Combined Authority, plus independent assessors and advisors.
  • Recommendations for grant awards will be considered and you will be notified of the decision. Successful applicants will receive an offer of funding detailed in a Grant Funding Agreement. 

To find out more and to apply by Tuesday 7th September click here.

 

The Business Innovation Fund is supported with £1,451,825 of funding from the European Regional Development Fund (ERDF), which is part of the European Structural and Investment Funds 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for ERDF. Established by the European Union, the ERDF helps local areas stimulate economic development by investing in project which will support innovation, business, create jobs and delivery local community regeneration. For more information click here.