Businesses: Government Assistance

Department for Business, Energy and Industrial Strategy written question – answered on 17th June 2020.

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Photo of Seema Malhotra Seema Malhotra Shadow Minister (Work and Pensions) (Employment)

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Government support package for innovative firms hit by coronavirus announced on 20 April 2020, how many businesses (a) have accessed this support through; and how much and what proportion of funding from the £750 million to be allocated through Innovate UK has been to disbursed to (i) new applicants and (ii) existing award holders.

Photo of Amanda Solloway Amanda Solloway Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

On 20th April, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced a £1.25bn coronavirus package to protect firms driving innovation in the UK.

This included £750 million of targeted support for the most R&D intensive small and medium size firms which will be available through Innovate UK’s grants and loan scheme.

The Government has since confirmed that up to £500m of this is for existing customers including £200m of accelerated payments and up to £300m for continuity grants and loans. £20m of the remainder has been used to double the number of businesses receiving funding through the IUK call for business led innovation in response to the crisis which was open to new customers. Over 800 companies have been successful in this competition. IUK has also allocated up to £39m to increase the business advisory support services available new and existing high-growth potential SMEs. Announcements for the remaining money will be made in due course.

Beyond the Fast-Response competition, it is currently too early to state the number of businesses that have accessed this funding.

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