Innovate UK Announces COVID-19 Continuity Grants and Loans
Innovate UK Announces COVID-19 Continuity Grants and Loans
Innovate UK (IUK) is aiming to sustain existing and continuing innovation in the UK’s research and development (R&D) intensive companies through the current coronavirus (COVID-19) challenges, and the resulting longer-term economic impact. Businesses that are existing award holders can access continuity grants, loans and additional business advisory support services.
Continuity grants
Up to £90 million is available in continuity grants, paid upfront, to SMEs that are existing IUK award holders at risk of abandoning their project due to a sudden shortage or even unavailability of funds directly related to COVID-19. These grants are for eligible organisations that expect to have a funding gap (between £25,000 and £250,000) in the remaining period of their project because they are facing loss or damages, such as reduced access to capital, cancelled orders or increases to costs, and are therefore seeing cash flow disrupted as a result of COVID-19.
Continuity loans
Up to £210 million is available in continuity loans to SMEs that have a challenge in continuing a live project for which they have an award from IUK. This loan may be suitable for those needing funding of between £250,000 and £1.6 million.
Individuals, academic institutions and research organisations are not eligible. Only single businesses can receive the grant or loan, so each participant in a consortium funded through collaborative R&D must apply separately.
The continuity grants scheme closes on 29 May 2020. Continuity loans will be open for applications until all the money is allocated or 31 December 2020 – whichever is earlier.
More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.
