The package announced today consists of two pots of funding totalling £1 billion of government money.
The first is a £750 million expansion of Innovate UK’s funding for the most R&D intensive small and medium-sized businesses. This will be made up of grants and loans, and while the bulk of it is reserved for businesses who are already receiving Innovate UK funding, over £200 million will be offered to new firms.
The second pot is a £250 million fund, called the Future Fund, which will be administered by the British Business Bank (BBB) and will invest between £125,000 and £5 million in high-growth UK companies. The investment will take the form of a convertible note, and the main eligibility criteria that have been announced so far can be found HERE.
