To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 6 July 2020 to Question 66895 on Business: Research, what proportion of the £750 million of targeted support for R&D intensive firms he plans to allocate as (a) grants and (b) loans.
17 July 2020
Innovate UK, part of UK Research and Innovation, is investing £750 million of targeted support for the most R&D intensive small and medium size firms.
The package consists of:
- Up to £210 million of this funding will constitute new loans for organisations with existing Innovate UK awards that find themselves facing a funding shortage due to COVID-19
- £200 million of accelerated grant and loan payments for existing customers
- Up to £90 million in grants to be paid up front for existing customers that are facing a funding gap due to COVID-19
- £20 million in grants to double the number of businesses receiving funding through the Innovate UK call for business-led innovation in response to global disruption due to the pandemic
- Up to £191 million in grants through the Sustainable Innovation Fund.
- £39 million for additional support for businesses over a 12 month period through the EEN Business Advisory Service
The exact allocation between grants and loans will depend on need.