The UK government has announced an extension to the Horizon Europe Guarantee Scheme in order to support research and development (R&D) in the country. The scheme was created to help UK organizations participate in Horizon Europe, the European Union’s (EU) flagship R&D program.
The Horizon Europe Guarantee Scheme offers loans to UK organizations to cover the cost of participating in Horizon Europe, providing a guarantee to lenders that the loans will be repaid. This helps to mitigate the risk for lenders and makes it easier for UK organizations to access funding for R&D projects.
The extension of the scheme means that UK organizations will be able to apply for loans until the end of 2023, giving them more time to secure funding for their R&D projects. The scheme is expected to provide up to £2 billion in loans to UK organizations over the next seven years.
The extension of the Horizon Europe Guarantee Scheme is a welcome development for UK organizations involved in R&D. It will help to ensure that they can continue to access funding for important projects and maintain their competitiveness in the global market.
The UK government’s commitment to supporting R&D through schemes like the Horizon Europe Guarantee Scheme is a positive step towards promoting innovation and driving economic growth in the country.