Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the distribution of Government funding to support innovation in research-intensive businesses during and after the covid-19 outbreak, what proportion of the £750million grant package will be allocated to businesses (a) not in receipt of Innovate UK grants and (b) in receipt of Innovate UK grants.
On 20th April, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced a £1.25 billion 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 £500 million of this is for existing customers including £200 million of accelerated payments and up to £300 million for continuity grants and loans. £20 million of the remainder has been used to double the number of businesses receiving funding through the Innovate UK 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. Innovate UK has also allocated up to £39 million to increase the business advisory support services available new and existing high-growth potential SMEs.
The final part of this package was announced on the 27th June. The £191 million Sustainable Innovation Fund is open to new customers to help cutting-edge companies of all sizes recover, grow, and drive a re-building economy as well as support new green innovations, unleashing the sustainable industries of the future along the way.
Beyond the Fast-Response competition, it is currently too early to state the number of businesses that have accessed this funding