Innovate UK Innovation Loans Future Economy: Round 10
Up to 5 years
£100k-£2m
13.09.2023
Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Innovate UK innovation 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.
The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes:
Check Your Eligibility
Your idea must lead to innovative 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.
Your proposal must demonstrate:
Your project can include:
These can be in environments that represent real-life operating conditions.
Innovate UK are also particularly interested in receiving applications from diverse businesses involving communities that are typically under-represented. This includes regions outside the ‘Golden Triangle’ (London, Oxford and Cambridge) or with, for example, female, ethnic minority and diverse ability founders.
Your application will be evaluated on:
Innovate UK will decline applications for loans for businesses which:
Specific themes
Your project must focus on one or more of the following themes or sub-themes:
Net Zero
Health and wellbeing
Next generation digital technologies
Technology families
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 5 years, including both the R&D and commercialisation phases. Projects are expected to start by 31 March 2024. Your exact project start date and first innovation loan drawdown will depend on the timing of the final credit committee decision and completion of loan documentation.
To receive an innovation loan for a new project you must:
Innovation loans will be:
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