50% Grant Funding for Innovation Projects
Updated | This article was first published on June 17, 2021
Innovation Recovery Grant Fund - Support is now available for smaller Projects - Minimum project spend reduced.
To help ensure businesses across the North of Tyne continue to invest in innovation projects, the North of Tyne Innovation Recovery Grant has now reduced its minimum project spend for equipment to £5,000 and minimum spend on any project using external expertise starting at £8,000.
Funded by the North of Tyne Combined Authority, these changes have been made to encourage and maintain investment but at a lower level – demonstrating the region’s commitment to supporting organisations keen to invest in innovation.
This change could be a lifeline to projects that clients have shelved due to changing priorities in the business.
This Grant programme takes a broad view of innovation, focusing on projects that are new-to-company as well as those that are new-to-market and could provide up to 50% grant funding on eligible projects with a total maximum project cost of £20,000.
Funding Offer
The grant can cover costs on the following:
External expertise
The grant cover costs towards external expertise to help introduce new-to-company technologies or processes and/or develop or launch new-to-market products or services. Examples of projects include:
Develop new work practices and processes to help the business operate more efficiently
Process improvement, change management or quality management system development
Product development – Consultancy or Design support to launch new/improved products
Marketing Strategy Consultancy or website development to bring a new product or service to market (unfortunately, replacement or upgrade websites cannot be funded)
New equipment
Bringing innovation alive within the business through technology could also be supported – helping companies adapt or adopt new technology. Please note replacement equipment is unable to be supported. Examples of technological projects that could be supported include:
New IT equipment to help improve working practices
New IT equipment to help product innovation or introduce new products to market
Production machinery to help support business growth through new products
Software purchases to help drive efficiency and innovation
CRM purchases to develop digital transformation and communication
Eligibility – your business
Location
The business must be based in the North of Tyne region to be eligible for funding. If your business rates are paid to either Northumberland, Newcastle, or North Tyneside Council, you will likely be located in an eligible area.
Size
The business must be a Small to Medium Enterprise (SME), including Social Enterprises. An SME is defined as an organisation employing fewer than 250 people with either an annual turnover of less than €50 Million (circa £43m as of May 2021) or a Balance Sheet Value of less than €43 Million (circa £37m as of May 2021). As part of your application, we will need to know the number of people you employ and some financial information to confirm you are an SME.
If the business applying is involved in any kind of group structure – either partial or fully owned by another business or partial or full ownership of another business – further details will be required post-application to establish eligibility.
Age of business
To be eligible to apply, the business must demonstrate that it has been trading (i.e. making sales) for more than one year. However, businesses trading for less than a year (or who have not started trading) have projects focused on imminent commercialisation (i.e. Research and Development is complete, and the proposed project will help accelerate new products or services to the market) may be considered.
Performance
The business must be planning to grow (including regaining sales or market share lost due to the impact of Covid) and must also be able to verify that it can cashflow the cost of the whole project before claiming the grant at the end.
Previous funding
The business must not have received more than €325,000 (circa £280,000 as of May 2021) in Special Drawing Rights and/or De Minimis Aid in the last 3 year rolling period.
Further information
Further information is available on the North of Tyne Innovation Recovery Grant website ↗
Looking to improve your processes?
If you'd like to find out more information about the available funding or talk to us about how we can help you and your business, email us or call 0191 313 0040.
