As we have written recently in our piece on R&D tax credits for agricultural businesses we are seeing increasing numbers of our agriculture sector clients embracing technological advancements and seeking out scientific and technical improvements.
We are also aware that Innovate UK sometimes run themed competitions with an agri-tech focus and they also have their open competitions which could be a source of grant funding for agri-tech. Additionally, at a regional level, Agri-tech Cornwall has some funding available now, more details below.
Agri-tech Cornwall Innovation Grants – an update
Agri-tech Cornwall is for ambitious small and medium-sized Cornish companies to develop innovations to improve efficiency, profitability and resilience in the agricultural sector.
The Agri-tech Cornwall Innovation Grant is due to finish at the end of March 2021 (pending a potential extension), but we understand they still have some funding available to support small revenue focused R&D projects.
The Innovation Grant can fund agri-tech focused research, development and innovation so revenue projects could include accessing specialist advice, consultants, feasibility studies and IP advice. More details:
- Grants start from £2,500 and they can currently fund up to £8,000 per project at an intervention rate of up to 75%.
- All projects need to be in a position to complete and be able to submit their claim for January 2021
They have advised us they don’t want to put off potential applicants with capital projects (i.e. looking to purchase equipment) as they are still happy to take these enquiries. However, unless there is an underspend in existing projects they do not have any capital grant funding available currently
If approached they will ask applicants to complete an application form and add them to a waiting list as the wider Agri-tech Cornwall Project is currently seeking an extension which will provide more funds to the Innovation Grant. However, they have stressed the need to manage expectations as at this point in time there are no guarantees that an extension will be approved.
I wish the team at Agri-tech Cornwall every success with their project extension. I personally am sold on the value of agri-tech and the fit with other aspects of the Cornwall business landscape – it would be great to see the county lead the way in such a globally important area. Their website can be found at https://www.agritechcornwall.co.uk/
PKF Francis Clark
I hope you have all seen our Farming Matters-2020 newsletter and our Finance 2020 videos – as both contain material relevant to the above. Re Finance 2020 the section to maybe start with if you are interested in R&D funding and business support is the Innovation one hosted by my fellow partner Stuart Rogers.
If you have any questions arising from the above please do not hesitate to contact me or your usual point of contact at PKF Francis Clark.