Innovate UK has opened applications for a package of additional funding to support innovation firms affected by Coronavirus.
Further details and criteria have been released of the support available to help SMEs and third sector R&D and innovation businesses, during the pandemic. This is a package of continuity grants and loans, and advisory services available to companies who already receive funding from Innovate UK. The time frame for applications for the grants is quite tight, so our advice is to get prepared and apply quickly to take advantage of this extra funding!
Businesses are now eligible to apply for an additional £90m worth of grant funding to help during this time. Continuity grants of £25k – £250k are now available to eligible businesses until 29 May 2020. The grants are designed to support R&D and innovation businesses who would otherwise have had to abandon their projects, due a sudden shortage of funds, directly related to Coronavirus.
A second support package of continuity loans worth £210m is also available for SMEs and third sector organisations who have already received funding from Innovate UK for a live project, but now face challenges in continuing it without further assistance. Applications for loans of £250k – £1.6m will be open until 31 December 2020, or until all the money has been allocated.
You can find out more here about eligibility and how to apply for either the continuity grants or loans. However, it’s worth noting that all applications will be judged on merit and specific criteria for each product will vary, depending on the amount and purpose of funding requested.
These continuity funding announcements are in addition to the Future Fund loans available to innovation companies who rely on equity investment, now available via British Business Bank. You can read more about Future Fund applications here.
We are expecting measures to be confirmed for R&D focused businesses who don’t yet work with Innovate UK, as access to additional funds for those companies was announced at the same time as the above. We will let you know when details are available.