R&D grants for smaller businesses
Research and development (R&D) grants play an important role in funding the development of new products, services, and processes.
Through grants provided by the UK government, regional bodies, local councils, and other organisations, businesses can create innovation crucial to the growth of the economy.
In March 2022, the government announced an R&D budget of £39.8bn for 2022-25, the largest ever allocated.
The allocations are aimed at allowing the government to deliver on the ambitions in its Innovation Strategy and ensure total R&D spending reaches 2.4% of GDP by 2027.
Successfully applying for an R&D grant can provide businesses with many benefits.
In 2017, innovation research by the Department for Business, Energy and Industrial Strategy (BEIS) found that businesses that received financial support were more likely to experience increases in turnover and employment.
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Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.
Making business finance work for you
Starting a business doesn’t come with a set of instructions.
We know that understanding the many different types of financial product in the marketplace can be difficult.
Our Making business finance work for you guide is designed to help you make an informed choice about accessing the right type of finance for you and your business.