Innovate UK’s Grants and Loan Scheme
The Government has promised £750m worth of grants and loan funding to help innovative small and medium-sized businesses focusing on research and development and 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 customers on an opt-in basis.
- Around 1,200 firms not currently in receipt of Innovate UK funding will be offered £175,000 of support.
- An extra £550m will also be made available to increase support for existing customers.
- The first payment will be made by mid-May
This package builds on the Government’s existing support for innovative, high-growth firms including:
- The £2.5 billion British Patient Capital fund
- The upcoming £200 million Life Sciences Investment Programme
- Internationally competitive R&D tax reliefs
Major commitments to increase public R&D spending to £22 billion by 2024-25.