COVID-19 update – 6 July – Government boosts innovation schemes to aid recovery

The government has decided to extend the Future Fund scheme and launch a new Sustainable Innovation Fund to help recover from the impact of COVID-19.

Future Fund

UK companies who have participated in highly selective accelerator programmes and were required, as part of that programme, to have parent companies outside of the UK will now be able to apply for investment via the Future Fund scheme. A convertible loan of between £125,000 and £5m will be available for early-stage, high-growth businesses to apply for.

For more information and updated eligibility criteria, visit the British Business Bank’s Future Fund page.

Sustainable Innovation Fund

Funding of around £200m will be made available to UK based companies that need urgent financial support to keep “cutting-edge” projects and ideas alive. The scheme is aimed at companies developing new technologies focused on making homes and offices more energy efficient to cut bills, creating ground-breaking medical technologies to treat infections and diseases, or reducing the carbon footprint of public transport in our towns and cities.

Businesses can apply for the new scheme by visiting the Innovate UK website from Monday 29 June.

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