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The Government has pledged to support UK SMEs as part of a wider £1.25 billion Coronavirus package.
Chancellor Rishi Sunak has announced a £500 million ‘Future Fund’ loan scheme for high-growth firms impacted by Covid-19, as well as £750 million of grants and loans for smaller businesses focusing on research and development.
The Future Fund, set to be launching in May, will provide companies with between £125,000 and £5 million in Government funding with private investors at least matching the commitment.
The £750 million of targeted support will be available through national innovation agency, Innovate UK’s grants and loan scheme.
Mike Cherry, national chair of the FSB, commented, “Today’s announcement will be a vital cashflow boost for many smaller businesses at the forefront of technological development and innovation. This is an investment in transforming our futures, as these SMEs focus on research and development in key areas such as life sciences, artificial intelligence, big data, and clean energy. We will work with the Chancellor, British Business Bank and Innovate UK to raise awareness of the programmes and get this help out to where it’s needed.”
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