Innovate UK is offering up to £25 million in Innovation Loans to help micro, small and medium-sized enterprises (SMEs) progress late-stage research and development (R&D) projects with strong commercial potential — an opportunity that could be particularly valuable for businesses based in Omagh and the wider Tyrone area.
The funding is aimed at companies developing new or significantly improved products, processes or services, or applying existing technologies in innovative ways. Projects can also focus on introducing a new or distinctive business model that gives a competitive edge.
Eligible projects must align with one or more of the Future Economy priorities set out in Innovate UK’s Plan for Action, making this scheme especially relevant to local firms working in advanced manufacturing, digital, life sciences, sustainability, or emerging technology sectors.
What local businesses need to show
Applicants must demonstrate that they:
-
need public funding to move their project forward
-
can meet interest payments
-
will be able to repay the loan within the agreed timeframe
Loans range from £100,000 to £5 million and can cover eligible project costs over a period of up to five years, including both R&D activity and pre-commercialisation work.
Funding is allocated through a rolling series of competition rounds, with each new round opening as the previous one closes.
Round 25 closes at 11am on Wednesday 4 March 2026.
👉 Find out more about Innovation Loans: round 25
👉 Applicants are advised to read the full competition guidance carefully, as recent changes now allow additional eligible costs and a pre-commercial work package to be included.
Support events for applicants
To help businesses prepare a strong submission, Innovate UK is running a series of online information and support sessions:
-
Applicant briefing webinar: Monday 19 January 2026, 11am–1pm
-
Deep dive workshop 1: Wednesday 28 January, 2pm–3pm
-
Deep dive workshop 2: Monday 2 February, 3pm–4pm
-
Deep dive workshop 3: Thursday 12 February, 10:30am–11:30am
Registration is required for all sessions.
Full details and sign-up links are available via the Innovate UK Business Connect website.
For Omagh-based businesses looking to scale innovation, attract investment, and bring new ideas closer to market, this funding could provide a significant boost at a critical growth stage.
