For small and medium-sized enterprises (SMEs) or startups looking to expand in Greater Manchester and the North West of England, grants, investment funds and other types of financing can help your business on its path to growth.
Securing the right funding is crucial if you want to boost your business’s growth journey, so it’s fortunate that there are variety of grants and funding opportunities available to support business growth and innovation in the region. In this article, we have provided an overview of some notable options that businesses in the North West of England may be able to apply for.
Five funding sources to help your business level up
1. Greater Manchester Combined Authority
The Greater Manchester Combined Authority has funds set up to help business access the financing they need to kickstart growth.
Business Investment Fund: designed to support viable businesses with a demonstrable gap in their funding, this fund offers loans and equity of between £200,000 and £5 million.
GM Advance: This investment fund supports the growth of companies in the advanced manufacturing and materials sector. GM Advance – Greater Manchester Combined Authority. Companies ranging in size from new start-ups to SMEs can apply as long as they are based in Greater Manchester or have plans to relocate or expand their operations into the region.
Life Sciences Fund: Set up to offer seed and early-stage funding worth between £50,000 and £2 million for businesses in the life sciences sector.
2. Business Growth Hub
Greater Manchester Business Growth Hub offers financial support and advise that is free to access and can help direct you to the most relevant channels of funding for your business.
One way that they support businesses is Innovation Vouchers, offering up to £5k for relevant and established SMEs in Greater Manchester. The vouchers provide an opportunity for businesses to commercialise and bring an innovation to market. The vouchers can be used to fund access to specialist facilities and equipment, product design, R&D, knowledge transfer, consultancy or testing
3. Innovate UK Grants
Innovate UK is a public sector organisation that operates as an innovation agency, offering various grants to support business-led innovation across different sectors. These grants are designed to help businesses develop and realize the potential of new ideas.
Find the latest Innovate UK grants here
4. Create Growth Programme
The Create Growth Programme supports creative businesses in the Greater Manchester area to explore and secure commercial investment opportunities, facilitating access to additional funding from various bodies.
The programme’s current phase is targeted toward the Greater Manchester Music Industry. You can find out more here: GM Business Growth Hub | Create Growth
5. Centre for Sustainable Innovation
Working with the CSI allows you to collaborate with experts who can navigate the innovation ecosystem, linking your business, startup or innovation project with sources of funding and guiding you through each project stage. As part of Salford Business School and the University of Salford, we can draw upon specialised resources, cutting-edge research and experts from a range of technical backgrounds to help your business innovate, grow and succeed.
Tips for Applying for Business Grants
- Research Thoroughly: Ensure the grant aligns with your business goals and that you meet all eligibility criteria.
- Prepare a Strong Proposal: Clearly articulate your business plan, how the funds will be used, and the expected outcomes.
- Seek Professional Advice: Consider consulting with financial advisors or business support organizations to strengthen your application.
- Be Mindful of Deadlines: Keep track of application deadlines and submit your application well in advance.
By leveraging these funding opportunities, SMEs in the North West can access the financial support needed to drive innovation and achieve sustainable growth.
Need support setting up or growing your business?
The Centre for Sustainable Innovation acts as a bridge between academics and experts at the University of Salford, a broad network of industry partners and SMEs looking for support as they develop new innovations, implemenet digital transformation or take on organisational change.
To start the conversation with our team and get the support you need, Fill in our general enquiry form here.
