< Back to latest news & events

News

UK – Billion pound support package for innovative firms hit by coronavirus

April 2020

The Chancellor has announced a new £1.25 billion coronavirus package to protect firms driving innovation in the UK.  The package includes a £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector. SMEs focusing on research and development will also benefit from £750 million of grants and loans.

The announcement said the “targeted and tailored help aims to ensure firms in some of the most dynamic sectors of the UK economy – ranging from tech to life sciences – are protected through the crisis so they can continue to develop innovative new products and help power UK growth.”

The comprehensive package includes a new £500 million loan scheme for high-growth firms, called the Future Fund, and £750 million of targeted support for small and medium sized businesses focusing on research and development.

The scheme will be administered as follows:

“Delivered in partnership with the British Business Bank and launching in May, the fund will provide UK-based companies with between £125,000 and £5 million from the government, with private investors at least matching the government commitment. These loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if they are not repaid. To be eligible, a business must be an unlisted UK registered company that has previously raised at least £250,000 in equity investment from third party investors in the last five years.

The £750 million of targeted support for the most R&D intensive small and medium size firms will be available through Innovate UK’s grants and loan scheme.

Innovate UK, the national innovation agency, will accelerate up to £200 million of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis. An extra £550 million will also be made available to increase support for existing customers and £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. The first payments will be made by mid-May.”

This update was prepared by HGF Partner Hsu Min Chung. If you would like further advice on this please contact Hsu Min.  Alternatively, you can contact your usual HGF representative or visit our Contact page to get in touch with your nearest HGF office.

Latest updates

HGF Ranked #1 in the UK for Trade Mark Portfolios in the 2025 Trade Mark Filing Trends Report by Clarivate.

HGF has achieved the #1 ranking for the UK for trade mark portfolios in the newly released 2025 Trade mark Filing Trends report by Clarivate, recognising the firm as a …

Read article

The EPO Board of Appeal comments on the scope of the morality exclusion from patentability

The recent decision, T1553/22 of the Board of Appeal required the Board to consider the scope of the exclusions from patentability under Article 53(a) EPC. The invention in this case …

Read article

IP Ingredients: Summer Case Law Review 2025

As the British summer swings once again between sunburn and showers, it’s a great time to take stock of what the first half of the year has delivered by way …

Read article

Celebrating exam success at HGF!

We are once again delighted to share that our colleagues have achieved success in their recent exams! Their dedication, perseverance, and commitment to professional development have paid off, and we …

Read article

Is the Supreme Court denial in Thatcher’s case a fatal blow against lookalikes?

The dispute between Thatcher’s Cider Company and Aldi Stores Limited has been long running and has sparked legal controversy along the way. On 4th June 2025 the Supreme denied Aldi …

Read article

HGF ranked among Europe’s top patent firms in IP STARS Patent Rankings 2025

HGF has once again made a bold mark in the latest Managing IP Stars 2025 firm rankings, with top-tier recognition across multiple jurisdictions for our patent expertise. This year’s results …

Read article

The Enlarged Board of Appeal has today issued its decision in seminal case G1/24

G1/24, described as one of the most important cases in decades, relates to how claims of patents are to be interpreted by the Boards of Appeal and, by extension, all …

Read article