Start-ups helped by £1.2billion government scheme
By Rob Freeman | 20th April 2020
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.
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