Grant assistance can be made available to NI companies and sole traders for a wide range of research and product development activities. Depending upon the nature of the project, the level of grant can be up to 40% of approved expenditures and up to a maximum of £250 k.
In order to be eligible for grant assistance a company/sole trader must first become a “client” of Invest NI (www.investni.com). This process is relatively straight-forward and IRT can offer guidance with the process, if necessary.
Once your business is an INI client, it becomes eligible to receive grant assistance. The first stage in this process is the completion, and submission to Invest NI, of the appropriate application form. IRT can assist with the completion of the application form.
Grants can be made available for a number of projects and types of activity; broadly speaking these are:
- Research & Development.
- New Product/Process Development.
- Marketing.
- Liaison/Collaboration with Universities for R & D or Technology Development.
For larger projects for R & D and for New Product/Process Development, the application will have to be accompanied by a Case for Support. This document should give a comprehensive over-view of the project and contains detailed information on, amongst others:
- Background to the Applicant.
- Outline of the Project.
- Marketing – commercial objectives.
- Technical Objectives.
- Design Requirements.
- Environmental Benefits.
- A Break-down of Eligible Costs.
- Financial Viability.
- Additionality.
- Project Management.
- Conclusion.
The Case for Support also has to be accompanied by financial projections for a period of least three years. These should include profit & loss accounts, cash flows and balance sheets. IRT can assist with all aspects of the preparation of the Case for Support and accompanying financial information.
