Skip navigation

Gloucestershire Business News

Start-ups helped by £1.2billion government scheme

Innovative new companies have become the latest to benefit from government help during the coronavirus crisis.

Start-ups which were not eligible to receive support from existing packages are being targeted by a new £1.25billion scheme.

The Government said it will match up to £250million of private investment and add £550million to an existing scheme for smaller firms focusing on research and development.

Announcing the scheme, Chancellor Rishi Sunak said: "This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.

To qualify for support from the scheme, companies must have raised £250,000 privately in the last five years.

And private investors must match any money put in by the Government, who will take a stake in the company if the money is not repaid.

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Friday, June 5 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Friday, June 5

The latest important news and updates from across Gloucestershire as the coronavirus crisis continues.

COVID-19 testing centre opens in Gloucester Image

COVID-19 testing centre opens in Gloucester

The first tests have taken place at Gloucester's new regional COVID-19 testing centre.

Firm with Cinderford recycling facility tops list of £16.2billion bailouts Image

Firm with Cinderford recycling facility tops list of £16.2billion bailouts

Chemicals company BASF, which has a site in Cinderford, has been handed the maximum possible £1billion in help from the Bank of England.

Cirencester tech firm secures contract with NHS Trust Image

Cirencester tech firm secures contract with NHS Trust

The Cirencester based healthcare technology company has secured a contract to launch its digital pre-operative assessment software.

Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.