SUNDERLAND businesses are being urged to apply for funding to support the launch of new products, processes and services - before the money runs out.

The North East BIC wants small and medium sized businesses across the city to submit applications for its Innovation Grant fund, which covers up to 40% of the cost of eligible projects ranging from £5,000 to £40,000.

Eligible projects include the introduction of technology, processes or automation which is new to the business or new-to-market but directly supporting the creation of jobs.

The grants are funded by the UK Shared Prosperity Fund (UKSPF) and are being distributed by the BIC on behalf of Sunderland City Council.

Debbie Simpson, Business Adviser at the BIC, said: “We’ve already had a flurry of businesses enquire about the grants, so we cannot stress how important it is for those interested to get in touch before it’s too late.

“The funding can be used for a whole host of projects that drive business growth, create jobs or help launch new products or services, so the impact it can have on Sunderland small or medium sized businesses is huge.

“However, we only have a limited amount of funding to allocate, so once it’s gone, it’s gone.”

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Companies in receipt of grant funding can also tap into support from Debbie and fellow business adviser, John Forth.

The support includes signposting to industry experts to help grow their business, other sources of funding and specialist advice.

John said: “It’s not just a case of us throwing money at the company and saying, ‘there you go’, it’s much more involved than that.

“Working with Debbie and I, the eligible businesses will also receive advice and support as well as signposting to other organisations who can help.

“That way, we can ensure the businesses we work with have absolutely everything they need to meet their objectives and de-risk the process.

“The North East is known for its innovation and bright minds, and this programme aims to further build on that, by giving our small and medium sized businesses all the support they need to unleash their full potential.”

The Innovation Grant fund from the BIC forms part of the Enterprising Sunderland project which has received £1,271,885 from the Government’s UK Shared Prosperity Fund Programme, managed in Sunderland by Sunderland City Council on behalf of the Sunderland Partnership.

Cllr Kevin Johnston, Cabinet Member for Housing, Regeneration and Business at Sunderland City Council, said: “We are fortunate as a city to be home to so many innovative, forward-thinking businesses who are really at the cutting-edge of what they do.

“From advanced manufacturing to games development and professional services, there are so many sectors which our city’s SMEs have helped advance over the years and this grant fund is a fantastic way to enable the city’s businesses to continue building on that success.

“We’re delighted to be working with the BIC on the scheme. Funding is limited, so we would recommend any interested organisation to get in touch and find out more sooner rather than later to avoid missing out.”