UK sets £20 million aside to develop tech for crucial industries

UK sets £20 million aside to develop tech for crucial industries

- The United Kingdom (UK) has set aside £20 million for entrepreneurs to start businesses that can provide crucial services

- One of the important criteria to be considered is that the business should be registered in the United Kingdom

- Some of the sectors considered crucial are community support services, courier and delivery, education and culture, entertainment, financial services and healthcare

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

The United Kingdom (UK) has set aside £20 million or $24.5 million as funds for the development of technology for crucial industries.

The fund would come in grants of up to £50,000 each to startups and other businesses focused on developing tools to develop structures for crucial sectors.

The project, Briefly.co.za has learned, has some urgency to it, as it is expected that the entrepreneurs get started with their projects not later than June 2020.

READ MORE: SA touched as young man honours nanny who raised him: “Love this”

Techcrunch reports that the funds are allocated through Innovate UK, which is part of the UK Research and Innovation division of the Department of Business, Energy and Industrial Strategy.

The grant is available for any business so far as they are registered in the UK and intend to cover a wide array of industries that form the core of how the UK economy would continue to thrive as the coronavirus continues to spread.

Critical industries being considered include community support services, courier and delivery, education and culture, entertainment, financial services, and healthcare.

Meanwhile, startups in the UK have called on the government for assistance as the coronavirus continues to affect businesses.

Information available shows that the government earlier launched a £330 billion loan scheme as well as other relief measures for businesses reeling from the effects of the virus.

However, some of the startups are unable to access the funds because they are not yet profitable.

The UK has formally been on lockdown since Monday, March 23, 2020.

Some lenders have also come under fire for calling for personal guarantees before they issue emergency loans.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel