£2 million Business Basics Fund
– 4 February 2019
A total of 15 projects from all parts of the UK have won a share of £2 million from the first round of funding from the Business Basics Fund.
A second competition has now launched by BEIS under the Business Basics fund, with a further £2 million of funding to test innovative ways of encouraging SMEs to adopt productivity-boosting technologies and management practices.
As before there is funding available for up to £400K for trials and up to £60K on proof of concepts.
How do I bid into the fund?
To lead a bid or collaborate you are required to be a legal entity both on trial and proof of concepts. The below gives a summary on how you can participate in the fund depending of your legal status, so please take into account your position under the LEP review.
Leading a project
If you are a set up as a business, and will be carrying out economic activity during the project, then you should apply to the business led trials stream. You will need to provide match funding against the grant you receive and this cannot come from other public sources of funding.
- If you are set up as a not-for-profit company and your activity is non-economic then you can receive 100% funding and you should apply to the non-business led trials stream.
- You must be a legal entity in order to receive funding.
Participating as a funded collaborator in a project
- You can take part in a project in either the business led or non-business led stream, depending on which is appropriate for your project lead organisation.
- If you are a business: In the business led trials stream you will need to match fund the grant you receive. In the non-business led trials stream you can be funded at 100% under the “de minimis” level of state aid. Please see the competition guidance for further information.
- If you are a not for profit company: In either stream you can claim 100% funding, as long as you are not carrying out economic activity. You must be a legal entity in order to receive funding.
Participating as an unfunded collaborator
- You do not need to have a legal entity. You can take part in a project in either stream. The lead partner should invite you to join the application and your contribution and role should be explained in the application form, including any financial contribution you will make to the project (which could be in the form of labour or materials, for example)
You can find out more at the Business Basics networking event on 28 February where you can meet potential partners and ask questions about your application. For more information on Business Basics click here