£200 million support package for innovative businesses

The UK Government has announced a £200 million package to help innovative businesses bounce back. The Sustainable Innovation Fund will help companies recovering from the impact of Coronavirus (COVID-19) keep their cutting-edge projects and ideas alive.

  • Almost £200 million boost to help businesses across the UK drive forward cutting-edge new tech and recover from the impacts of Coronavirus
  • Investment to support innovations ranging from AI systems managing city traffic flows to the latest reusable packaging materials
  • Research and development (R&D) intensive businesses urged to apply for funding to turn creative ideas into new technologies

The Government has today (Saturday 27 June) launched a new Sustainable Innovation Fund aimed at supporting struggling R&D intensive companies which are involved in 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 towns and cities.

Businesses and start-ups across all sectors, including technology, health, transport and clean growth, can also make use of the fund to develop smart sustainability-focused projects – from apps encouraging people to cut down their food waste, to sustainable biodegradable packaging.

Commenting on the announcement, Business Secretary Alok Sharma says: “Our country is home to some of the world’s most cutting-edge businesses that turn ingenious ideas into new technologies every day. That’s why we’re backing our innovators and risk-takers with new investment so they can recover and grow out of the Coronavirus pandemic.

“Today I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to us, so we can work together to power the UK’s economic recovery.”

Dr Ian Campbell, Executive Chair, Innovate UK, adds: “Many businesses have successfully, and innovatively, responded to the challenges posed by the Coronavirus. Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient. Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future.”

This funding, delivered through Innovate UK, forms part of a wider £750 million package of grants and loans announced in April to support innovative firms. This sits alongside the new £500 million Future Fund, which provides match-funding to private investors, and has already received over 500 applications since its launch on 20 May.

Government funding, including R&D tax reliefs, can be extremely beneficial for those engaged in qualifying R&D, and Beavis Morgan can help your company maximise the benefits of the reliefs by:

  • Ascertaining whether you are eligible to qualify
  • Preparing a robust report for submission to HMRC
  • Identifying and capturing expenditure on qualifying activities
  • Being prepared for and managing an audit by HMRC

For further information or to arrange for a no obligation preliminary discussion on how your company could qualify under this Government business support scheme, please contact Steve Govey or your usual Beavis Morgan Client Partner. You can also visit Beavis Morgan R&D to find out more.

For further information about the Government measures to protect individuals and businesses, visit our COVID-19: Support for UK businesses hub.