UKSPF: West Northamptonshire business growth & innovation support
The West Northamptonshire Growth and Innovation project, delivered by the University of Bedfordshire, is a new £625,000 business support programme open to all businesses based in the West Northants area.
As part of this comprehensive programme, funded by the UK Shared Prosperity Fund (UKSPF), the University will deliver business growth initiatives, including activities designed to empower innovation and accelerate growth. This will enhance productivity and competitiveness, whilst developing new skills and increase employment opportunities.
From fully funded participation in short courses to personalised 1-2-1 consultancy sessions with industry experts, businesses will receive tailored support to address their unique needs. £325,000 of matched funded revenue and capital grants are available to qualifying businesses up to a maximum value of £20,000.
Who is the support for?
- Established businesses of any size - registered in the West Northants region
- Businesses looking for innovation and growth support
What you can expect?
Fully-funded support from our academic experts to help your business innovate and grow including:
- 1-2-1 consultancy
- Academic-led student projects
- Subsidised graduate employment
- Peer to peer networking
- Access to workshops and short courses
- Access to capital* and revenue* grant funding (eligibility criteria applies)
This is a capital grant which can be used towards the purchase of machinery and equipment but can also be used towards the purchase of intangible assets. It can be used towards a wide variety of purposes if it is documented in the IAP and contributes toward the development of a new product or service and/or improving the productivity of the business.
Intangible assets are those that are identifiable and controlled by the business through custody or legal rights. They must be intended for use on a continuing basis in their activities and have more than short term value (i.e. they must have a useful economic life of more than one year).
Examples include:
- Purchased software licences
- Website Development
*Website being created is an enduring intangible asset to the business
*Add more value than simply advertising/promoting the business or its products or services
*It may be linked to branding, e-commerce or other options that provide the business longer term economic value
- Patents
- Licences, trademarks and artistic originals
- Development expenditure
- ICT costs which can be capitalised;
- Purchased software
*Software licences covering a period of more than one year can be classified as capital expenditure.
*Software licences covering a period of up to one year must be treated as revenue expenditure.
- Software developed internally - all expenditure is classified as capital expenditure, provided the software has a readily ascertainable market value. This means there should be similar software products available for purchase on the open market.
The revenue grant which can be used towards the costs of implementing your plans to develop new goods and services and/or improve productivity to make the business more viable, resilient and support growth of turnover and employment.
Examples include:
- Paid consultancy
- Certification costs
- Membership fees
UKSPF provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills.
Workshops
Your next steps?
Ready to get started? If you are interested in taking part in this programme, please fill in the registration form, below.
Alternatively, if you are looking for something else, or have any questions about the West Northants initiative - please get in touch with us and one of our Business Advisers will be able to help.