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Government unveils support package for innovative businesses affected by coronavirus

The government has unveiled a billion pound support package for innovative businesses affected by the coronavirus (COVID-19).

The 'targeted and tailored help' provided by the package will help ensure firms in dynamic sectors of the UK economy are protected during the COVID-19 crisis so they can 'continue to develop innovative new products and help power UK growth'.

The £1.25 billion Future Fund package includes a £500 million investment fund for high-growth firms adversely affected by the pandemic, which is made up of funding from both the government and the UK private sector.

According to the government, small and medium-sized enterprises (SMEs) carrying out research and development are also set to benefit from £750 million in grants and loans. These will be available through innovation agency Innovate UK's grants and loan scheme.

Commenting on the support package, Chancellor Rishi Sunak said: 'Britain is a global leader when it comes to innovation. Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis.

'This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.'

Additional information on the new support package can be found here.