Research and Development (often referred to as ‘R&D’) is a form of a business grant based towards technical and/or scientific research, and which is undertaken with a view to introducing new and/or improved products and services.
This type of business grant has been formulated by the UK government to also further encourage those businesses engaged in technological innovation and Research and Development (R&D) projects gain access to finance for the past and future research.
For those businesses who plan to undertake Research and Development on new products or services, they’re able to access much free information and advice, and as a consequence may also be eligible to apply for financial support via a Research and Development grant (R&D grant) or even Research and Development tax credits (R&D tax credits).
Apply for a Research and Development grant
However, applying for an R&D grant can be complex when completing the relevant Research and Development application forms, and in particular demonstrating how you’d satisfy the funding conditions and requirements.
A comprehensive and effective application is essential if a business is to maximise their chances of obtaining a Research and Development grant. Needless to say, any guidelines provided within the application paperwork should be followed as closely as possible. As the guide will highlight some of the grants and other support available to businesses in order to help them undertake R&D and innovation.
It would be also fair to say that many businesses via their normal business duties may have unknowingly already carried out possible Research and Development research which would be claimable via R&D tax credits.
For a business to obtain access to finance via a Research and Development grant, they’d really be best served by engaging the services of a company experienced in this field, to assist in the application and making the whole process go as smooth as possible.
As already mentioned these types of grant applications can be complex and time consuming and there is a lot of competition for schemes. Whilst a business may fulfil the eligibility criteria, their application may not be successful, which is further reason to consider engaging the services of a company experienced within this field.
If you wish to access this type of finance please contact us