Innovate UK has announced further details of the funding offered through its new coronavirus business support package. We break down what funds are available, who can apply and how.
Benjamin Storey, Funding Solutions & Business Insights Lead at Barclays Ventures, explains the new grants, loans, and business advisory services offered by Innovate UK.
A total pot of up to £90m is available in continuity grants for SMEs and third sector organisations who are already Innovate UK award holders. Grants for eligible businesses, which expect to have a funding gap of between £25,000-£250,000, are available until 29 May.
Applications for continuity loans will be open until 31 December, or until all the money has been allocated – whichever comes first. The loan may be suitable for a business in need of funds between £250,000 and £1,600,000.