Open competitions for business innovation

Innovate UK hosts the innovation funding opportunities for businesses, research institutions and consortia.  

You can search for all open funding opportunities here: https://apply-for-innovation-funding.service.gov.uk/competition/search

For more information on innovation funding availability, and the application process, visit: https://www.gov.uk/guidance/innovation-apply-for-a-funding-award

Midlands Engine Investment Fund

The Midlands Engine Investment Fund (MEIF), established by the British Business Bank, aims to support fast-growth businesses looking to expand into new markets and boost productivity, supporting job creation.

The £250million MEIF is the result of collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy (BEIS), the Ministry of Housing, Communities and Local Government (MHCLG) and 10 local enterprise partnerships, including SEMLEP. It brings together new and existing funding from Central Government, the European Regional Development Fund (ERDF), British Business Bank and European Investment Bank (EIB).

Finance options available via the MEIF include:

• small business loans valued between £25,000 and £150,000.
• debt finance worth between £100,000 and £1.5million individual placements.
• equity finance of between £50,000 and £2million.
• equity proof of concept – early stage equity finance of up to £750,000.

For more information about the fund, visit www.meif.co.uk

SEMLEP’s Growth Hubs work directly with the British Business Bank to offer free investment-readiness workshops for businesses looking to get finance. These workshops cover the wide spectrum of finance offers available for SMEs. For more information on these or to sign up, contact the Growth Hub team on 01604 212696 or email growthhub@semlep.com.