There’s no denying that 2020 has been a challenging year for many businesses, especially those that already didn’t have optimum cash flow in place. To help you get back on top of your development strategy, we’ve rounded up a few funding grants that will allow you to plan for a bright and lucrative future.
Reckon your business has what it takes to crack it? This competition funds collaborations between industries, academics and SMEs to solve business and scientific challenges, leading to the improvement of business processes or the development of a commercial product. The CRACK It Challenge offers impressive contracts of up to £1 million for up to three years.
Part of UK Research and Innovation, the team at Innovate UK is offering funding for projects that are genuine game-changers. If you believe that your idea is significantly ahead of others in its field and equipped for rapid commercialisation, you could receive part of this £25 million fund. The closing date is 25th November 2020, so make sure to apply for a Smart Grant ASAP.
A very popular scheme that somehow gets missed by many businesses, R&D Tax Credits are offered by the government to companies as relief against Corporation Tax. If you carry out research and development in order to improve processes, products, services or software, take a look at how R&D Tax Credits can significantly decrease your expenditure and strengthen your cash flow.
Another government incentive for companies to apply their creativity, Patent Box gives you the ability to pay a reduced rate of 10% Corporation Tax if your business uses patented inventions and innovations.
Delivered by the Department for Digital, Culture, Media and Sport, the Gigabit Broadband Voucher Scheme invites businesses to claim up to £3,500 against the cost of installing fast and reliable internet connections that can transform the way they work.
If like us you’re based in the Humber region, you may be able to apply for a grant through the Humber Local Enterprise Partnership. These programmes are designed for businesses seeking funding for growth, plus they also operate a Business Loan Fund.
One for the pharmaceutical and healthcare sector, the Innovative Medicines Initiative provides funding towards projects that focus on health research and innovation.
In case you missed it, the government is offering businesses a very attractive incentive for welcoming apprentices on board. If you’re eligible, you can claim up to £2,000 for each apprentice that starts at your business before 31st January 2021 (this also applies to any that joined from 1st August 2020 onwards).
Find out if you can make a claim, which could be a substantial amount if you hire multiple apprentices who will also play a role in future-proofing your business.
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