Grants of up to £300,000 available for companies to boost innovation

Local businesses still have time to sign up for support from the Growing Innovation Fund.

The scheme makes government funding of between £100,000-£300,000 available to help firms with innovation, decarbonisation, and the commercialisation of ideas.

The funds can be used for buying plant, equipment and machinery, diversifying products, or changing the overall production process of an existing business.

And, unlike business loans, the Growing Innovation Fund is a capital grant fund – meaning you don’t need to repay the money awarded. Instead, you’ll be required to provide match funding of at least 50% of all funds awarded.

There is a simple application process, with one-to-one business advisers available to help making an application.

The scheme is being delivered by the South East Midlands (SEM) Growth Hub.

Cllr Jim Weir, Portfolio Holder for Environment said; “Bedford Borough is open for business, and this is another way our community of entrepreneurs and innovators is being supported.

“If you think your firm could benefit from this, please do speak to one of the business advisers to ensure you have the best chance of securing this investment and boosting the future of your company.”

The deadline for expressions of interest in the Growing Innovation Fund is 5pm on Saturday 1 June. The application deadline is 5pm on Monday 17 June.

To find out more visit:https://www.semlepgrowthhub.com/growinginnovationfund/.