The whole Innovation Recovery Grant process is straightforward.
Stage 1 – Application form.
The grant funding application form asks for general information about your business and contact details for the person applying. We also need to know some basic past, current and future financial data; staff numbers and previous grant funding. Finally, we’ll need to know about the project you intend to complete and how it will benefit the business. Prior to applying, please note the following:
- Incomplete application forms will not be assessed and will be returned for completion.
- Funding cannot be provided for costs incurred prior to a Funding Contract being signed.
- This is a retrospective Grant i.e. businesses must be able to cashflow the costs of their project and claim the Grant once everything is completed (all work complete, all payments to suppliers/providers made and any equipment purchases received by the business).
Step 2 – Eligibility checks.
The NBSL team will assess your application to ensure the business is eligible for funding – the more detailed your application form, the less time this will take. If we need any further information to complete the assessment, we’ll get in touch using the email address you supplied on your application form. We’ll also make an initial assessment on whether your proposed project meets the innovation criteria.
Step 3 – Innovation Adviser call.
One of our Innovation Advisers will call to discuss your application, explore your proposed project and gather the information we need to complete your funding contract paperwork. On the basis of the call, we will make a final decision on whether the project qualifies as an innovation in the business, so please ensure you can discuss how your project fits.
Your Adviser will ask for proposals/quotes from providers/suppliers for the work or equipment you intend to use the funding towards – we will need this before we can issue your funding contract.
In order to ensure you receive your Funding Contract in a timely manner you may wish to start gathering the required Procurement Evidence
In terms of Procurement Evidence, one of the following is required:
- Copies of proposals/quotes received from 3 different providers/suppliers for the work or equipment you intend to use the funding towards
- Evidence of seeking 3 proposals/quotes (this may be evidence of an email request providing a project specification / requirements)
- Justification where only 1 provider/supplier can undertake the work / supply the equipment
Please note – the success of your Application for Funding cannot be guaranteed so please do not commit to undertake any work or purchase any equipment. Also, do not make any payments to any provider/supplier prior to receiving and signing a Funding Contract (any payments made prior to a Funding Contract being in place will not be eligible for the Grant)
Step 4 – Contract issue.
You must not start any work with a provider/supplier, make any payments or purchase any equipment before you receive your contract. Your funding contract and supporting paperwork will be sent out to you by NBSL using SignNow – you’ll need to read the full document pack and sign electronically where required. As soon as you’ve received confirmation that the signatures are completed, your chosen provider can start work or you can purchase the specified equipment from your supplier.
Step 5 – Grant claim.
Once the funded work is complete (or you’ve purchased the agreed equipment) and paid in full, you’ll need to provide your claim evidence to NBSL so that we can process your claim. Once we’ve got all of the evidence, we’ll pay your grant within 30 days.
Step 6 – Follow-up.
A key aspect of the funding is understanding the impact it has had on your business – around 6-12 months after your grant payment, we’ll ask you for updated financial/staffing figures (including any jobs created or safeguarded as a result of the Innovation Recovery Grant) so that we can understand the difference the funding has made.
Your project needs to be innovative. That means it’s changing something for the better in your business – it could be a new product, an improved service, or a new way of working, but it needs to be something you’ve never done before. We’ll need details of your innovation project so be sure to be prepared before you apply so that we can process your application as quickly as possible!
Your business should be eligible for funding if it’s a trading SME based in the North of Tyne area.
Apply for a grant
We’ll need to know some details about your business, the project you’d like to fund with a North of Tyne Innovation Recovery Grant and how it will help.