Innovation loans: open competition
Fund Name: Innovation loans
Project Length: Up to 5 years
Project Value: Up to £1M
Innovate UK is to offer up to £10 million in innovation loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late stage projects with the best game changing and/or disruptive ideas or concepts. There should be a clear route to commercialisation and economic impact.
Projects should aim to develop new products, processes or services (or innovative use of existing ones) believed to be significantly ahead of anything similar in the field.
Your proposal can come from any technology (including arts, design, media or creative industries) and any part of the economy.
This competition aims to help businesses overcome barriers to the best cutting edge, game changing innovations becoming a successful commercial reality. This includes making a considerable economic impact and/or resulting in significant, sustainable business growth.
Your proposal must:
- demonstrate a clear, considerable potential to make a significant and positive impact on the UK economy and/or productivity
- demonstrate realistic, significant potential for global markets
We particularly welcome proposals from innovation-based businesses with significant ambition and potential for growth or scale up.
Your project should focus on late stage research and development (R&D) activities classified as experimental development. We expect you to be able to show a clear route to commercial success for your project.
Businesses must be able to show that they:
- can cover interest payments
- will be able to repay the loan on time
- need public funding
Loans of between £100,000 and £1 million are available. Projects should last up to 5 years and are expected to start by December 2018.
To take on an innovation loan for a project you must:
- be a UK based SME
- carry out your project in the UK
Individuals, research organisations and large companies are not eligible for innovation loans. Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition
An applicant can only submit one application per competition round. If more than one application per round is submitted, only the first application will be considered for assessment.
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If you think that you might be eligible for this fund, please Get In Touch by filling out the contact form below.Back to all funds