Innovative firms will be supported by a £1.25 billion Government support package comprising investment, grants and loans.
Rishi Sunak, Chancellor of the Exchequer, 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.”
A £500 million loan scheme is available, aimed at “high-growth” companies, called the Future Fund. Companies will be able to access between £125,000 and £5 million, with the government contribution matched by private investors.
“To be eligible, a business must be an unlisted UK registered company that has previously raised at least £250,000 in equity investment from third party investors in the last five years.”
The remaining £750 million is aimed at R&D-focussed small and medium-sized enterprises (SMEs) and will be accessed via Innovate UK’s grants and loans facility.
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