Q: Can other public monies I have secured (InnovateUK, Research Councils, etc) be used to fund my project contribution?
A: No. A key reason for the existence of the Innovation 4 Growth (I4G) programme is the encouragement of growth in the Swindon & Wiltshire economy through private sector investment. As a result, other public monies are not an eligible form of match funding.
Q: How does a grant under Innovation 4 Growth (I4G) programme affect de minimis State Aid?
A: I4G programme falls under a separate EU State Aid mechanism (General Block Exemption Regulation) and does not impact de minimis.
Q: Can I use a Innovation 4 Growth (I4G) grant to part fund a capital expenditure project (new property/buildings, etc)?
A: I4G supports R&D projects and any capital purchases need to directly relate to R&D. Land/building purchases are not eligible.
Q: What is the time frame for the financial due diligence checks and will I be liable for additional costs associated with the process?
A: Once the Recommendations Panel recommends that the project moves to the financial due diligence stage, companies will have two weeks to provide the documents requested. The time frame to complete the checks is then dependent on the type of business and grant size. There are no additional costs associated.
Q: What is the cash flow profile? Will there be an upfront payment and then quarterly reimbursement?
A: Payments are quarterly in arrears. Your quarterly report will include details of costs incurred and associated evidence.
Q: Is there anything I need to be aware of with regard to VAT?
A: If your company is VAT registered the SWI4G fund will reimburse up to 35% of the net amount you spend.
Q: How does a grant under Innovation 4 Growth (I4G) affect my ability to claim the UK government's R&D tax credits?
A: I4G programme expenditure cannot form part of a claim under the R&D SME tax credit scheme. However, it may potentially be allowable under the 'R&D expenditure credit scheme', giving almost 10% back on qualifying R&D costs in addition to the 35% I4G intervention rate. If you are considering a tax credit claim rather than a I4G grant, please note that different rates are offered depending on whether you are profit or loss making (25% or 33%) and that some costs which are allowed under I4G may be ineligible. We recommend approaching an accountant or other specialist for advice.
Q: What size can my project be?
A: We will award grants between £10,000 and £40,000, funding up to 35% of project costs. The information below shows how this is split out. Please note - you are not restricted to applying for the exact values mentioned below, these are reference points only:
Private Match: £18,571
Total Project size: £28,571
Jobs created: 1.2
Private Match: £74,286
Total Project size: £114,286
Jobs created: 4.7