What Is Grant Funding?
A grant is a sum of money provided to an individual or organisation, usually by a government or other institution, with the aim of stimulating the economy.
Grants enable businesses to push forward with their ideas for innovation and research and development (R&D), allowing their concepts to come to life and facilitating the development of new products and services that they may not have been able to afford otherwise.
How Does Grant Funding Work?
Essentially, a grant will pay a percentage of the total costs associated with a project, including salaries, materials, and partners. Most national funding grants will pay up to 70% of the total cost associated depending on the size of company, and the grants are usually paid to a business quarterly in arrears.
Unlike a loan, a grant does not need to be paid back, in most circumstances. Grant funding is also not taxable and is non-dilutive, i.e., no equity is required in exchange for the money.
How Do I Find Grant Funding Opportunities?
You can find the latest grant competitions on grant funding body websites. For example, in the UK and Europe, there are many funding bodies such as Innovate UK, Horizon Europe, Small Business Research Initiative (SBRI) Healthcare, and Local Enterprise Partnerships (LEPs).
Funding categories can include everything from cleantech and agritech to manufacturing and aerospace. Searching for the right grant can be time-consuming; however, Ryan’s grant sourcing service speeds up the process of identifying the right grant calls.
Our grant team will also conduct checks to verify that your project fits within scope, ensuring you’re eligible to apply. A review of internal operations—people, processes, resources, and technology—all help to craft and shape how your application will be pitched.
Grants typically provide funding for certain stages of development; for example, they may be aimed at feasibility studies, prototype development, or field trials.
As many grant calls have short deadlines, it’s important to ensure your company has a strategic grant plan aligning grant funds to your business ambitions. This will allow you to react quickly when funds are announced so as not to miss an opportunity.
Ensure you engage with an organisation that has direct contact with the funders, as this allows you to be at the front of the queue when it comes to hearing about new grant opportunities. This is something Ryan specialises in.
How Do I Apply for Grant Funding?
Whether you found a grant you believe you are eligible for or one of our grant funding experts has found one that is suitable for you and your company, the next step is to collate all the information required to write your application.
Each grant funding call will have a specific eligibility criterion, with nuanced wording, that your business will need to understand and argue convincingly for to qualify. Furthermore, your proposal must evidence and clearly demonstrate that your project supports the aim and aligns with the scope of the competition, e.g., to increase the development of new ideas or products or address a need or challenge within a particular industry. Writing a grant funding application can be complex. If you’re considering applying for grant funding, it’s worthwhile to consult with a professional and experienced grant writer who can help to make a strong and compelling application that increases the likelihood of grant success.
Once you have won the grant, the next step is to make sure you draw down all the funding you worked hard to secure. This is where a professional and experienced project management team comes into its own, aligning your needs during a changing project with the funder’s needs.
Ryan assists businesses with identifying, applying for, and project managing UK and EU grant funding opportunities.
If you would like to discuss your eligibility or enquire about how we can support your business, simply fill out the form below, and one of our experts will be in contact shortly.
Other Innovation Funding Services
Ryan’s unrivalled expertise within innovation funding and tax relief empowers companies to fuel their business growth and fund their future. Our specialist team will evaluate your business’s eligibility for a diverse range of innovation funding services, including grants, research and development (R&D) tax relief, capital allowances, the patent box, and land remediation relief.