SparkFund, an ERDF funded innovation and research grants programme has just released some interesting new grants available to SMEs across the North of the UK.
The grants are designed to help SMEs to identify, nurture and embed innovation and grow their business through tailored support unique to them.
The scheme is made up of three main funding streams:
1. Innovation Vouchers
2. Grants for Research
3. Development and Low Carbon Grants for R&D
All SparkFund Grant Applications are assessed and scored independently by the Panel which has been in place since July 2017. In total, 132 grant applications have been submitted to the Independent Awards Panel with 130 approved, totalling £5,861,145!
Applications through this scheme have led to:
- Development of 63 new to market products
- Development of 100+ new to the SME products
- 144 new jobs
- An increase in sales or market share in beneficiary SMEs of up to £34m and up to £9.2m of increased profitability
Each funding stream is extremely flexible and can support a broad range of innovation activity; ranging from ground breaking world class innovation and R&D to projects which enable individual SMEs to make a significant change within their business but which are not new in the pure definition of Innovation.
To find out if you’re eligible to apply for these grants, find out more here