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<p>On 20th April, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced a £1.25
billion coronavirus package to protect firms driving innovation in the UK. This included
£750 million of targeted support for the most R&D intensive small and medium size
firms which will be available through Innovate UK’s grants and loan scheme.</p><p>
</p><p>The Government has since confirmed that up to £500 million of this is for existing
customers including £20<ins class="ministerial">0</ins> million of accelerated payments
and up to £30<ins class="ministerial">0</ins> million for continuity grants and loans.
£20 million of the remainder has been used to double the number of businesses receiving
funding through the Innovate UK call for business led innovation in response to the
crisis which was open to new customers. Over 800 companies have been successful in
this competition. Innovate UK has also allocated up to £39 million to increase the
business advisory support services available new and existing high-growth potential
SMEs.</p><p> </p><p>The final part of this package was announced on the 27<sup>th</sup>
June. The £191 million Sustainable Innovation Fund is open to new customers to help
cutting-edge companies of all sizes recover, grow, and drive a re-building economy
as well as support new green innovations, unleashing the sustainable industries of
the future along the way.</p><p> </p><p>Beyond the Fast-Response competition, it is
currently too early to state the number of businesses that have accessed this funding</p>
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