MICRA welcome’s Innovate UK announcing the detail on how businesses can access the scheme providing continuity grants, loans for existing award holders and additional business advisory support services. The scheme is available from 15 May 2020.
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 available until 29 May 2020.
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 will be open for applications until all the money is allocated or 31 December 2020 – whichever is earlier.
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 Enterprise Europe Network.
To check eligibility and to apply, visit the Innovate UK website for further information including detailed guidance notes.