£4 million grant scheme for South West businesses

By Anita Jaynes on 12 February, 2014

The University of the West of England has announced the launch of a £4 million grant scheme aimed at supporting businesses across the South West.

The Innovation 4 Growth programme will help regional companies- both small and medium sized enterprises and larger organisations- to develop products, technologies, processes and services. The idea is to safeguard existing jobs and create new opportunities as a result.

Led by the University using Regional Growth Funding, it will provide up to 35% of research and development project costs, with grants between £25,000  to £150,000.

Speaking at the launch of the initiative on the University’s Frenchay Campus, Professor Martin Boddy (Pro-Vice Chancellor, Research and Business Engagement) said:

“We are delighted to offer support to promising enterprises across the South West. Not only in the Bristol area, but right across the region – from Truro to Tewkesbury, Bideford to Bournemouth – the fund will enable us to help businesses innovate and grow.

“Any company with plans for research and development, or thinking about an innovative project, should consider applying.  We would typically fund 35% of project costs for SMEs, and a bit less for larger companies – so a significant portion of expenditure can be claimed.”

Applications for the first round of funding must be received by 5pm on Monday March 10 2014.

Timescales in relation to claiming grants are short, with all funding having to be issued by the end of the 2014/15 financial year (April 30 2015).  Eligible costs, however, are broad, and include project staff salaries and expenditure on materials, capital equipment, tooling, training and market assessment.

To find out more and to register online visit: www.innovation4growth.co.uk