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20 April 2020

Government announces £1.25bn support package for UK businesses driving innovation and development

Introduced by

HM Treasury, Innovate UK

Targeted at

Businesses

Timings

Announced on 20 April 2020. Future Fund launched on 20 May, initially open until September, eligibility expanded on 30 June. First payments for support to research and development-focused small and medium-sized enterprises to be made by mid-May. Further detail on part of the £750m package for innovation firms published on 27 June

Stated aims

To protect firms driving innovation in the UK

Summary

This is the announcement by Chancellor Rishi Sunak of a support package for UK firms driving innovation. It includes:

  • 'Future Fund', a new £500m loan scheme for high-growth firms via the British Business Bank (£250m from government with equal matched funding from private investors). Loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if not repaid.
  • £750m of grants and loans for small and medium-sized businesses focusing on research and development, available through Innovate UK’s grants and loan scheme.
Source(s)

Gov.uk news story

Gov.uk news story – Future Fund launched