Innovate UK, part of UK Research and Innovation, is playing a key role in a £1.25 billion government support package announced by the Chancellor today (Monday 20 April) for UK businesses driving innovation and development.
The Chancellor Rishi Sunak said the targeted and tailored help would ensure firms in some of the most dynamic sectors of the UK economy – ranging from tech to life sciences – are protected through the crisis so they can continue to develop innovative new products and help power UK growth.
The comprehensive package includes £750m of targeted support for the most R&D intensive small and medium size firms will be available through Innovate UK’s grants and loan scheme.
Innovate UK will accelerate up to £200m of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis. An extra £550m will also be made available to increase support for existing customers and grants of up to £175,000 will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. The first payments will be made by mid-May.
Sir Mark Walport, Chief Executive of UK Research and Innovation, said: “As an important part of this support package for innovative firms, Innovate UK will provide immediate cashflow support to small companies who are developing the products and services of the future, to continue this work throughout the crisis and be an engine for growth once the outbreak is over.”
Ian Campbell, Executive Chair of Innovate UK said: “We are keen to help innovative companies in these challenging times through our established, well-understood and successful grant and loans programmes to drive development of new products and services through intensive R&D. We are committed to delivering this rapidly to ensure we support businesses with the support they need.”
For full details of the Chancellor’s announcement please see https://www.gov.uk/government/news/billion-pound-support-package-for-innovative-firms-hit-by-coronavirus
This article was first published on 20 April by UK Research and Innovation.