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.
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 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.
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.