If you’re wondering “How much grant money can I get?” Every different grant scheme has its own separate criteria. Typically grants range from £25k up to several £millions depending on which grant scheme you apply into.
Some schemes such as the SBRI offer 100% funding, however, most grant funding is classified as State Aid, therefore offers a lower-% intervention rate.
The amount of money that you can apply for depends on your SME status – if you’re a small, micro, medium enterprise or a large enterprise and the type of activity that you’re undertaking. Micro and small enterprises are eligible for a higher funding intervention compared to medium or large organisations.
There are three R&D categories which Innovate UK define:
Feasibility study speaks for itself, it’s testing whether or not something is feasible, whether it’s technically, commercially, business, or practically feasible. This type of work attracts 50% funding for large companies, 60% for medium companies, and 70% for small or micro-enterprises.
Industrial research covers early-stage development through to prototyping so proof-of-concept, lab-scale investigations, and prototyping. This attracts the same level of intervention as feasibility work.
Experimental development covers nearer to market developments such as modifying or optimising a proven prototype. The intervention rate for this type of work is lower to reflect the lower level of risk attached to the work. Large companies are eligible for 25% support, medium companies 35%, and small and micro enterprises 45% funding.
Project costs are best calculated from an understanding and evaluation of what resources are required to complete the targeted developments. The grant funding requested is then a simple calculation based on the eligible percentage of total project costs.
As part of technically qualifying a project TBAT will make an assessment on expected percentage funding for a client. This is to make sure clients are fully aware of what funding they might expect to receive in advance of making an application. We will ask for an initial expectation of project costs to guide our understanding of the project. We assist clients in completing a detailed project plan and budget to ensure all costs are eligible and reasonable. Please contact us to discuss further.