Last night the Chancellor announced that £12.5 billion is being made available to support innovative start-up companies that cannot access any of the other existing schemes for help with coronavirus. The government has said that they will match up to £250 million of private investment and add £550 million to existing loans and grant schemes for smaller firms that focus on research and development.
In order to be eligible for this new scheme, the company must have raised £250,000 privately in the last five years and any money the government puts in must be matched by private investors.
This isn’t a grant, but a loan, and if it isn’t re-paid the government will take an ownership stake in the company.
The scheme isn’t available as of yet and as more information is released I will update it on the blog.
The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.
UK: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/
I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/