The iNet’s support programmes SPRING and PROSPER have been extended and the maximum spend has been increased.
SPRING which stands for Supporting Productivity, Innovation and Growth will now run until December 2022. It can provide a grant of 27.41% towards purchases that add or increase capacity in your business.
They can now support up to £14,000 spend (maximum grant 27.41% of £14,000)
Some examples of what SPRING might fund:
- Small items of equipment (costing less than £5,000)
- Tooling (that won’t be capitalised)
- Related IT hardware and software for systems integration and business process improvement
- Specialist software, CAD, test facilities upgrade, area refurbishment
- Manufacturing process and equipment enhancements which improve throughput or efficiency
- Waste reduction, recovery and re-use of end-of-life materials
Businesses can also access 2 days’ worth of research support to help identify, scope and access new markets and supply chains. Find out more about SPRING.
PROSPER – PROmoting SME Product Enhancement and Research has been extended to March 2023. It can help you become more innovative with grant funding and non-financial support.
This programme can now support up to £80,000 spend (maximum grant 30% of £80,000) for physical items/equipment where an individual items is worth more than £5,000. It can also support up to £20,000 spend (maximum grant 30% of £20,000) for smaller physical items/equipment worth less than £5,000 and for services.
Support to improve your R&D capabilities: The iNet can support projects that aim to improve your internal capacity to innovate. This can include grant funding towards equipment linked to research and innovation activities, such as laboratory, testing and measuring equipment
Support for new product service development: Grant funding towards projects aiming to develop a new product, service or new process e.g. design, prototyping, feasibility, proof-of-concept, certification, pilots/trials, IP protection.
It can also offer non-financial support to help you access the information, skills or knowledge that you need. This includes:
- 1 to 1 mentoring to help identify facilities, expertise and opportunities for collaboration with Loughborough University;
- support from an LU academic on a small-scale research and knowledge exchange project;
- sourcing information to support innovation plans; and
- access to new talent from our students and graduates.
Support to improve commercialisation of new products: Grant funding towards equipment needed to bring a new product or service to market, such as production equipment for your new product line. Find out more about PROSPER.
Eligibility criteria apply.
