[New] Seven-figure innovation grants up for grabs

SMEs in Coventry and Warwickshire are being urged to capitalise on grants worth up to £2 million to turbo charge their growth plans.

Tax relief specialist Catax, which has generated more than £500 million worth of tax relief for 15,000 businesses in its 14-year history, has seen a rise in demand for its grant funding service since the pandemic – and is encouraging the region’s business owners to explore how it could benefit their firm.

Innovate UK, which is part of UK Research and Innovation, is providing up-front grants of between £100,000 and £2 million – subject to their approval - for standalone and collaborative projects that are innovative and solve a problem, along with a clear business plan.

To help businesses maximise their potential in securing these grants, Catax uses its team of application writing specialists who work closely with each business to understand the project that requires funding before identifying an appropriate grant scheme, and writing the application.

Multiple companies have now unlocked additional grant funding thanks to Catax’s support and Kully Nijjar, Associate Director at Catax Group, is urging more firms to follow suit.

He said: “Accessing funding for projects is one of the largest barriers to growth for many businesses, but with the right advice and approach, securing game-changing investment is more achievable than some think.

“Applying for these grants is complex and time consuming, but Catax’s grant writers are able to use their knowledge of what funders are looking for in order to deliver a successful application in an efficient manner.

“If a business is successful in applying for a grant, they will then have that money to invest up front in their project that they will not pay back, unlike research and development tax relief whereby the financial aid is applied after a project.

“We place great emphasis on transparency at Catax in that we will only proceed with a grant application if we are confident that it will succeed, which is why we dedicate a lot of time to the pre-application stage with businesses.

“As an international business we joined the Coventry and Warwickshire Chamber of Commerce as we recognise it is a fertile region for innovation – and if there are any SMEs seeking funding for a significant project then I’d urge them to contact us.”

Alongside grant funding, Catax supports businesses with tax relief for research and development (R&D), in addition to capital allowances, patent box, and remediation of contaminated land.

Catax is a partner of the Institute of Financial Accountants, the Law Society and is an ACCA Gold Sponsor.

For more information about Catax’s services visit www.catax.com or email Kully Nijjar at Kully.Nijjar@catax.com