mo4ch:> Coronavirus: Government unveils £1.3bn scheme to help start-ups | Mo4ch News

Coronavirus: Government unveils £1.3bn scheme to help start-upsBy Simon JackBusiness editor 20 April 2020 Related TopicsCoronavirus pandemic Image copyrightGetty ImagesThe government has announced a £1.25bn package to support innovative new companies that are not eligible for existing coronavirus rescue schemes.It will match up to £250m of private investment and add £550m to an existing loan and grant scheme for smaller firms that focus on research and development.Adding it up, that totals £800m of new money to support fledgling firms.Chancellor Rishi Sunak said start-ups would help power the UK's growth after the coronavirus crisis. Image copyrightGetty Images"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," he said. Newly-founded companies often lose money in their early years, which makes them ineli…