Are you likely to receive an innovation grant?

Innovation grant funding can be very valuable financial support for any business. This is money that comes either from the government or a private organisation and which is designed to be used for a specific purpose. One of the reasons grant funding is so appealing to many organisations is that it does not need to be repaid. It can provide valuable resources during key moments – so, how are grants allocated and are you likely to receive one?

How do grants work?

Innovation grants are offered for a specific reason and don’t tend to require anything in return, such as a share of equity in the company or a commitment to repay. Some grants do require there to be a level of matched funding for a project but most come with relatively few strings attached. There are grants available for many different types of individuals, organisations and purposes in the UK today. Some of these include grants to support innovation and growth in business ideas, grants for taking on an apprentice, grants to help young people set up and run their own business, as well as business grants for female entrepreneurs, business people and business owners.

How are grants allocated?

There may be a range of different criteria in order to receive grant funding from the government or from a private organisation. Some of the requirements might include:

  • A geographic focus – For example, allocation of grants might depend on where your business is located and in order to be eligible it will need to be within a specific area.
  • A specific size – Grants can be allocated on the basis of business size. So, for example, some may only be available to those with fewer than 250 employees.
  • Time in the industry – Your enterprise may need to have been trading for a certain number of years in order to be eligible.
  • A particular project or goal – Your business could be allocated a grant as a result of a proposed project – or one that is already established – or to support a particular goal for the business. Where this is the case it will usually be necessary to be able to show how the grant will enable your business to meet that goal.
  • Sector and business type – Grants are also allocated to businesses in specific sectors – or based on the type of business – and there are likely to be capped funds available.

How likely are you to receive a grant?

There is no straightforward answer to this. There are currently more than 200 government grants available for businesses in the UK so there is a good chance for any business seeking funding. Whether or not you’re successful will depend on a range of factors, such as how many other companies apply, what funding is available, the tightness of the eligibility criteria and the type of business (there tend to be more grants available for startups, for example).

Grants in the UK are available to any business – the key is to find the right type of funding for you. You can use our Open Grant Programme Opportunities platform to find available innovation grant possibilities in the UK which you may be eligible for.

How can SPRK Capital help with innovation grants?

SPRK Capital is the leading provider of R&D tax credit loans and grant advance funding in the UK – we’re passionate about helping innovative UK businesses grow. Grant advance funding is a non-dilutive source of funding which gives you access to your grant funds sooner, allowing you to innovate now.

You can view our Grant Q&A page to see the most frequently asked questions we receive about our grant loans.

 

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