UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy
Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.
Your project must lead to new products, processes or services that are significantly ahead of others currently available or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model.
Innovate UK are particularly interested in projects that focus on the future economy areas included in the Innovate UK plan for action.
You must be able to show that you:
- need public funding
- can cover interest payments
- will be able to repay the loan on time
The funding available will be allocated across a series of competitions:
- round 9 – currently open for applications
- round 10 – opens 13 July 2023
- round 11 – opens 14 September 2023
- round 12 – opens 9 November 2023
The closing date for round 9 applications is 11am on Wednesday 12 July 2023.
You can apply for a loan of between £100,000 and £2 million to fund your project’s eligible costs.
Projects can last up to five years, including both the R&D and commercialisation phases. Projects are expected to start by 31 December 2023.
Find out more about the current round of Innovation Loans.
Briefing event
Potential applicants can join Innovate UK’s applicant briefing webinar on 17 May 2023 to find out more about this opportunity.
You can also view Innovate UK’s previously recorded webinars on creating a strong project application, and requirements for the business and financial submissions. As with previous rounds, this applicant briefing webinar will be recorded.
Applicants in this round will also have the opportunity to join an online financial submission ‘deep dive’ workshop, covering some of the most important financial aspects of suitability for a loan. Places in these workshops will be limited, to allow group discussion with Innovate UK team. Information for registration for these workshops is set out on a separate page after registration for the applicant briefing webinar.
Source: nibusinessinfo.co.uk
