The new innovation continuity loans are open to previous Innovate UK award-winners looking to fund new projects.
Back in May, Innovate UK announced its coronavirus business support scheme, designed to help small and medium-sized businesses (SMEs) and third sector organisations working on existing and future innovation projects get access to funding during the Covid-19 crisis.
The first strand of this scheme was aimed at existing Innovate UK award-winners who were continuing and completing a live project.
The second strand has now been opened to previous Innovate UK award-winners who are looking to fund new projects but are facing a shortage or lack of funds as a result of the Covid-19 pandemic.
Who can apply?
Individual businesses who have completed a previous Innovate UK grant or loan in the past 36 months are eligible to apply for continuity loans of between £250,000 and £1,600,000. The capital is available on a first-come, first-served basis and once it’s all spent, there are no plans for a second tranche.
“This is a fantastic opportunity for eligible businesses to raise much needed capital through the Innovate UK continuity loan support scheme,” says Benjamin Storey, Funding Solutions & Business Insights Lead at Barclays Ventures. “In a time of uncertainty, where many innovative companies have struggled to raise the capital required to develop their business or technology, this pool of Innovate UK capital could be the difference between technology advancing or stagnating. I would encourage all eligible companies to consider if this is an opportunity for their business and to apply accordingly.”
Applications are open until 11am on Wednesday 2nd September – find out more about the funding package and how to apply here.