The government has unveiled a billion-pound support package for innovative businesses affected by the coronavirus (COVID-19).
The ‘targeted and tailored help’ provided by the package will help ensure firms in dynamic sectors of the UK economy are protected during the COVID-19 crisis so they can ‘continue to develop innovative new products and help power UK growth’.
The 1.25 billion pounds Future Fund package includes a 500 million pound investment fund for high-growth firms adversely affected by the pandemic, which is made up of funding from both the government and the UK private sector.
According to the government, small and medium-sized enterprises (SMEs) carrying out research and development are also set to benefit from 750 million pounds in grants and loans. These will be available through innovation agency Innovate UK’s grants and loan scheme.
Commenting on the support package, Chancellor 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.’
Additional information on the new support package can be found here.