The British government will launch a 1.25 billion pound package ($1.6 billion) on Monday to support and protect innovative companies amid the virus outbreak.
The package includes a 500-million pound investment fund for high-growth firms that were severely affected by the crisis and 750 million pounds for small and medium sized businesses that were focused on research and development.
According to British Finance Minister Rishi Sunak, the government will urgently upgrade its procedures to lessen the damage of the pandemic to the world’s sixth largest economy.
“This new, world-leading fund will mean (companies) 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,” the finance minister said in a statement.
The Office for National Statistics released a study a week ago that showed 25% of business organizations had delayed its trading since the government announced a lockdown.
The finance minister also said that grants and loans will be available from Innovate UK, the national innovation agency of Britain. The first payments will start by mid-May.