On Friday 15th May 2020, Innovate UK released full details about their Continuity Grants and Loans – the COVID-19 support for Innovate UK’s Existing Grant Recipients.
Here are the main points and where you can find more information!
Continuity Grants
Innovate UK have allocated up to £90 million in continuity grants. These will be available to SME’s and third sector organisations who are existing Innovate UK award holders, that are at risk of stopping their project due to a sudden shortage of funds or even unavailability of funds, directly relating 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.
Further details and guidance will be sent to existing customers and is available in the guidance document.
The deadline to apply for a continuity grant is 29th May 2020.
Continuity Loans
Innovate UK have up to £210 million available in continuity loans. These are available for 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.
Further details and guidance will be sent to existing customers and is available in the guidance document.
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.
Useful Links
This information has been taken from Innovate UK’s guidance page for the schemes, which can be found on the Innovate UK Website here.
Use this link to access the full Guidance Document.
Innovate UK have created an online questionnaire for businesses to use to find out if they’re eligible for any of the following Innovate UK support:
- Timing extensions
- Monthly grant payments
- Continuity Grants
- Innovation Continuity Loans
- Innovation and Growth Adviser support
Use this link to access the questionnaire.
How do you apply?
If your company is already working with an Innovate UK EEN Innovation and Growth Adviser, then it is likely that the Adviser will already have been in touch with the business.
For SMEs with current Innovate UK grants and loans, and not previously in contact with an adviser, then advisers are proactively contacting those companies.
If you haven’t yet been contacted and want to be put in contact with an adviser who will assess the needs of the business, contact the Innovate UK EEN National Enquiry Gateway, either by completing the contact form on the website at: https://www.enterprise-europe.co.uk/contact-us or by calling 0300 123 3144
‘New Innovate UK customers’
We will continue to update you as further updates are released regarding the support available to businesses not currently in receipt of an Innovate UK grant.
In the meantime, if you have any questions or would like to look at other short-term funding options, such as R&D Tax Credits, please get in touch.
This article was written by Medilink EM Patron TBAT Innovation