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May 13, 2021 1:34 pm
Non-departmental public body Innovate UK will invest up to £2.5 million in innovation projects from UK businesses in the creative sector.
The Creative Industries Fund will look to support micro and small businesses with a “package of targeted support for growth”, competition details explain.
Ensuring businesses can “reach their potential”
Micro and small businesses have suffered badly during the pandemic.
A report from business insurance firm Simply Business reveals an estimated 234,000 SMEs have already ceased trading amid the coronavirus crisis. The total cost to UK small businesses could exceed £69 billion, the report adds.
The support on offer from Innovate UK aims to ensure micro and small businesses can “reach their potential”. The package will include funding up to £25,000 and ongoing support from Innovate UK EDGE, a dedicated arm of the body focused on helping SMEs.