GRANTS AND FUNDING INITIATIVE FOR COMPANIES

The Government has always tried to encourage enterprise through a number of grants and awards, particularly aimed at Small to Medium Size Enterprises (SME’s) with innovative ideas, growth prospects and export potential. Grants are additional to the tax incentives available for R&D, which in themselves can be substantial.

The grants system has recently been updated and streamlined and Nunn Hayward is establishing an initiative to help you in this area. The latest changes to the grant system are further recognition by the government of the importance of the SME sector in creating wealth and jobs.

The SME sector is comprised of companies generally employing from 5 to 250 people. In fact 99.5 % of UK companies employ less than 200 people. 98% of companies employ less than 50 people and make up 43% of the total UK economy.

The more common grants that are available are for such areas as:

• Feasibility Study for the market for an innovative idea. These range from around £2000- £7000
  
• Research and Development Grants. These can range from 50% of £10,000, to 30% of £60,000 or higher. Number of employees can be relevant. Awards can be for feasibility studies as well as development projects, so there is usually a lot to discuss.
  
• Awards for developing innovative ideas, usually 50% of a project, up to about £20,000 in grant.
  
• Marketing grants for export. These are usually for 50% of cost, up to about £30,000, of researching a new market and identifying sales channels.
  
• Film and Arts grants, mainly suitable for start-ups.
  
• Farming and land management grants.
  
• Small grants for Investors in People. These tend to be fairly localised and are for small sums of £500 or £1000.

There are always certain restrictions, meaning that not all companies will be eligible. Grants do take time to arrange and are not available on demand, so sufficient time must dedicated to preparing a good application which is likely to succeed.

The first rules of grant application are:

1. Understand the criteria for awarding any particular grant.
   
2. Understand exactly what your project aims are and match these with
   a suitable grant.
   
3. You will need a plan to support your application.

Other points to be aware of:

• Never apply for a grant after the money has been spent.
  
• Have sufficient money planned for, in order to pay your contribution, whether 25%, 50% or more. You will usually need to demonstrate this.
  
• Some grants have deadlines for availability.
  
• Money is rarely provided in advance. Money is released against evidence of expenditure and / or job creation.

Nunn Hayward are now establishing an initiative to help you look at the availability and obtaining of grants to improve your business. We have a link with an organisation, who will meet you, without obligation, to discuss your ideas and offer guidance as to which grant may be available and how to obtain it.

It is initially proposed to look at the first 25 applications on a first come first serve with no charge basis. Any additional enquiries we will log, screen, and arrange a visit as soon as we can.

Contact David Duke on 01753 888211 or email david@nunn-hayward.com