Business: Research

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

Alert me about debates like this

Photo of Deidre Brock Deidre Brock Shadow SNP Spokesperson (Wales), Shadow SNP Spokesperson (Environment, Food and Rural Affairs)

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.

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

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.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.