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Funding news - 14/07/2017

Business Innovation Programme (West Midlands) - Upcoming Deadline

The Business Innovation Programme aims to stimulate innovation within small and medium-sized enterprises (SMEs), to encourage and enable existing businesses to invest for the future and to lever private sector investment.

The programme intends to create new jobs whilst safeguarding existing positions across the West Midlands.

The programme offers grant based financial assistance for the purpose of supporting existing SMEs which have been trading for six months or more and are ready to undertake investment in innovative production processes. This assistance must lead to new products, which are considered to be close to market.

Capital and revenue grants of between £10,000 and £30,000 are available. Project costs must amount to a minimum of £20,000 in order to be eligible for a grant payment of £10,000. For every £10,000, it is expected that one job will be created. VAT will not be claimable in regards to these grants.

Grants can be used for the following:

  • Capital equipment
  • Improvement of production processes and systems
  • New product development (concept development, prototyping, product testing and product launch)
  • Market development

Grants are available to SMEs in the West Midlands that have been trading for more than six months.

The next deadline is Wednesday 2 August 2017.

See the programme website for more details.

Source: birmingham.gov.uk/bip, 14/07/2017

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