Surrey launches Covid-19 SME Equity Investment Scheme
The University of Surrey Covid-19 SME Equity Investment Scheme has been put in place to support our innovation ecosystem in this time of crisis. It is specifically designed to support those SMEs who are unable to raise investment due to the Covid-19 situation.
About the scheme
The scheme has been allocated £150,000 of funding and The University of Surrey Seed Fund Ltd will subscribe to purchase new shares valued at no more than £30,000 in each individual company. However, we may re-evaluate this initial position once we have assessed demand.
This aid will be granted under the State Aid de Minimis Scheme. Where SMEs have already exceeded their allowance, aid can be granted under the Temporary Aid scheme.
We anticipate that demand will exceed the funds available and applications will be assessed against the criteria outlined below. Decisions will be made by the University Seed Fund Ltd.
To apply for Covid-19 Equity Investment your business must:
- Be a start-up, micro, small or medium-sized company located in the UK with fewer than 250 employees and an annual turnover of less than £50m or a balance sheet total of under £43m.
- Be an active member of our innovation ecosystem. This includes being one or more of the following:
- A member of SETsquared Surrey Incubator
- A company in which the University of Surrey or the University of Surrey Seed Fund Ltd already owns shares
- A resident company in the Surrey Technology Centre, or the University of Surrey Research Park
- An SME in a collaborative project currently underway with University academics
- Not have been in difficulty prior to 31 December 2019 (within the meaning of State aid General block exemption regulation)
- Be able to evidence a commitment to raising investment prior to 1 March 2020.
- Be able to evidence how the equity investment will help ensure company survival until end of December 2020.
How to apply
- Download and complete the application form (Doc) in full
- Submit the form to firstname.lastname@example.org by close of play on 1 May 2020 at the latest.
For further information about the Scheme please contact the Technology Transfer Office at email@example.com.