20.04.20
£1.25bn announced to protect innovative UK firms
The Chancellor Rishi Sunak has announced today (Apr 20) a new coronavirus support package of £1.25bn to protect and support firms driving UK innovation.
The Government support package, will provide targeted and tailored help for some of the most dynamic sectors within the economy, from tech firms to life sciences.
The funding will look to protect these businesses through the crisis enabling them to continue operations and develop innovative new ways to power UK growth during and post pandemic.
Included in the packages is a new £500m loan scheme for high-growth firms, called the Future Fund and £750m worth of support for small and medium sized enterprises (SMEs) with a focus on research and development.
Chancellor of the Exchequer Rishi Sunak, said:
“Britain is a global leader when it comes to innovation. Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis.
“This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.”
Innovate UK will accelerate up to £200m in grant and loan payments for the 2,500 existing customers and an extra £550m will be delivered to increase support for these firms. Those 1,200 firms not currently in receipt of Innovate UK funding will be able to apply for £175,000 of support with the first payments to be made in mid-May.
Alok Sharma, Business Secretary, said:
“The UK is a world leader in innovation and at this hugely challenging time, we know that young, fast-growing firms require tailored support to see them through.
“This wide-ranging package delivers important help that will protect some of the most dynamic sectors of our economy.”