Coronavirus: Support for Innovate UK award recipients
Continuity grants and loans are currently closed, but businesses can continue to access advisory support for existing Innovate UK award holders
Innovate UK has developed a range of options for supporting its existing customers with current projects through the impacts of the pandemic, including:
- timing extensions
- monthly grant payments
- continuity grants
- innovation continuity loans
- innovation and growth advisory support
Up to £90 million is available in continuity grants, paid upfront, to SMEs and third sector organisations who are existing Innovate UK award holders and who are 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 cashflow disrupted as a result of the COVID-19 outbreak.
Continuity grants are currently closed for applications. Find out more about COVID-19: Continuity grants.
Up to £210 million is available in continuity loans to SMEs and third sector organisations that have a challenge in continuing a live project for which they are have an award from Innovate UK.
Loans are for organisations that that find themselves facing a sudden shortage or even unavailability of funds resulting directly from the COVID-19 pandemic. This innovation continuity loan may be suitable if you need funding of between £250,000 and £1,600,000.
Continuity loans are currently closed for applications. Find out more about innovation continuity loans.
Business advice and support
Business advisory support services are available to around 6,000 innovative high-growth-potential, high-growth and scaling SMEs over the next 2 years managed through the Innovate UK EDGE.
Innovate UK EDGE is a key part of the UK innovation agency’s investment in the innovative businesses that drive economic growth. It complements Innovate UK project funding with intensive, specialist-led support for such ambitious businesses.
Each high-potential, innovative business in our portfolio benefits from the objective perspective of a dedicated innovation and growth specialist local to them. Our specialist considers a business in the round and, working closely with its leadership, identifies the most productive ways to accelerate its growth.
Innovate UK EDGE brings a range of services to help ambitious, innovative SMEs scale and grow. We help businesses:
- exploit innovation, intellectual property, and connections in the UK and abroad
- enter new markets at home and abroad
- access funding and finance and getting investment ready.
First published 18 May 2020