Welcome to the September 2023 edition of Grants Watch, GrantTree’s monthly roundup of grant funding competitions open to innovative UK businesses.
As always, we’re looking at a mixture of sector-specific awards and schemes open to a broader range of applicants.
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If you want to find out whether your organisation is eligible for any of the grants listed below, just get in touch. GrantTree’s experts would be more than happy to provide a free, no-commitment consultation.
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AI Solutions to improve productivity in key sectors
Opens – 27 September 2023
Closes – 8 November 2023
This Innovate UK competition is offering up to £100,000 to fund projects supporting AI and ML adoption in transport, construction, agriculture, and the creative industries.
Eligibility summary:
- You must be a UK-registered business
- You must carry out your project and intend to exploit its results from or in the UK
- Your project must last 4-8 months
- Your project must start by 1 April 2024 and end by 31 March 2025
- Subcontractors are not allowed
You can apply for a grant covering between 25% and 70% of your total project costs, depending on the size of your business and whether you’re looking to undertake a feasibility study or experimental development project.
Farming Innovation Programme - feasibility round 3
Opens – 18 September 2023
Closes – 15 November 2023 at 11:00 am
Funded by the Department for Environment, Food & Rural Affairs (Defra), this competition offers up to £350,000 for feasibility studies exploring new solutions to major on-farm and post-farmgate challenges.
Proposals must demonstrate how their projects will benefit farmers, growers, or foresters in England.
Eligibility summary:
- You must be a UK-registered business to lead a project
- You must carry out your project and intend to exploit its results from or in the UK
- You must collaborate with at least one other UK-registered organisations
- Your project must start by 1 May 2024 and end by 30 April 2026
- Your project must cost £200,000 to £500,000 and last 12-24 months
- You can apply for a grant covering between 50% and 70% of your total project costs, depending on the size of your business.
Innovate UK innovation loans future economy: round 11
Opens – 14 September 2023
Closes – 8 November 2023 11:00 am
While it isn’t technically a form of grant funding, Innovate UK’s Innovation Loans scheme, the eleventh round of which is about to open, can be an excellent way to finance late-stage R&D projects.
Innovate UK Innovation Loans offer between £100,000 and £2 million in debt financing with attractive repayment terms such as a deferred, below-market interest rate of 3.7% during project execution, followed by 7.4%, and repayment terms of up to seven years.
Also, unlike most grants, Innovation Loans can provide funding for up to 100% of project costs.
Eligibility summary:
- You must be a UK-registered SME
- You must carry out your project and intend to exploit its results from or in the UK
- Your business must be in a position to take on a loan
Find out more about Innovation Loans.
Innovate UK Investor Partnerships: SME round 4
Opens – 31 August 2023
Closes – 25 October 2023 11:00 am
Offering up to £1.4 million in grant funding, the Investor Partnerships competition combines the financial support and growth expertise of both Innovate UK and private investors.
This means that, unlike most competitions, applicants must win over both Innovate UK’s assessors and an outside investor drawn from an approved list of investor partners.
While this may sound daunting, Innovate UK has made a number of resources available to smooth the process of attracting a suitable investor.
For example, Innovate UK Edge can help you understand whether you’re ready for outside investment and whether your growth strategy will pass muster with possible candidates.
Eligibility summary:
- You must be a UK-registered SME
- Your total project costs must be £50,000 to £2 million
- Your project must last 6 to 24 months
You can apply for a grant covering between 35% and 70% of your total project costs, depending on the size of your business and whether you’re looking to conduct a feasibility study, industrial research project, or experimental development project.
Read our blog about Innovate UK’s Investor Partnerships competition.
Scalable Quantum Network Technologies: Collaborative R&D
Opens – 18 September 2023
Closes – 1 November 2023 11:00am
Innovate UK is offering grants of up to £2.1 million working to remove technological barriers to the commercialisation and adoption of quantum network technologies.
Your project must be led by a UK-registered business of any size or, in ‘exceptional circumstances’, a research and technology organisation (RTO).
Projects must include at least one other UK-registered organisation, such as an academic institution or a charity. If your project is led by an RTO, it must include at least two other UK-registered organisations.
Eligibility summary:
- Your project must cost £1.5 million to £3 million
- You must work with at least one other UK-registered organisation
- It must start on 1 April 2024 and end by 30 September 2025
- You must carry out your project and intend to exploit its results from or in the UK
You can apply for a grant covering between 25% and 70% of your total project costs, depending on the size of your business and whether you’re looking to conduct a feasibility study or experimental development project.
Find out if you’re eligible!
That brings us to the end of this edition of Grants Watch.
If you want to know whether you’re eligible for any of the grants listed above, GrantTree is here to help.
Our experts can give you a free, unbiased assessment of your eligibility and suitability for these grants and any other relevant competitions currently open in the UK.
To book your eligibility consultation, just get in touch.
