Can you get Grant funding? How to increase your chances of finding other fund providers.
Grants are available for early stage and growth businesses. Below we provide a guide for grants currently available, however please note that these do change on a regular basis, so please check with us for current availability. We provide a grant finder service, which for growth companies is on a success fee basis.
Early stage businesses are normally eligible for a grant for Investigating an Innovative Idea. This is Grant funding from the DTI to pay for the costs of your mentor, and for a consultant to subsequently work on your innovative idea. The grant can cover up to 75% of the both the project mentor and the subsequent consultancy costs, providing you spend at least twice as many days working on the project as the mentor and expert consultant. Most grants are estimated to be between £2,500 and £7,000, with the most complex projects being able to apply for a maximum of £12,000.
Growth companies that qualify as small or medium sized under the EC rules definition may be eligible for Research & Development grants or Export Research grants.
The three principle Research & Development grants are:
- Research project (formerly Feasibility Study). For a technical and feasibility study of a new product or system concept. 60% of costs up to a grant of £75,000.
- Development Project. For development up to pre-production. 35% up to a grant of £200,000 or £500,000 in exceptional circumstances.
- Micro projects. 50% of eligible costs up to a grant of £20,000.
Export Marketing Research Grants are ideal for companies wanting to start exporting or moving into new markets. Grants of 50% of costs are available for up to 10 export markets with a maximum grant of £20,000 each.
Grants pay for detailed research studies of export markets using internal staff or external consultants. Reports are designed to allow companies to develop a knowledge of the market, write a strategy and business plan and produce a rational pricing structure. The field stage of the research will also produce a list of contacts necessary in establishing commercial links.
On R & D and Export Research Grants applications we offer a no-win, no-fee contract of 10% of the grant obtained by clients, which covers advice and complete the application process.
The benefits are straightforward:
- Avoid time wasting going for the wrong grant
- Only pay a success fee if grant is achieved (excludes investigating innovative idea grant application)
- Improve your chances of winning funding
vfdnet partners have helped many businesses successfully achieve the grant funding that they have sought. Contact us to discuss the grant that you feel is appropriate.
Note: You can also download a factsheet on funding your business in html or pdf format.
“We retained the services of our vfdnet Virtual Finance Director (VFD) to advise on the funding of the acquisition of another company that we had targeted. Our VFD recommended going down the Small Firms…” Read More >>
Mike M – MD and Owner
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