Innovation Loans Future Economy Competition – Round 3
Up to 5 years
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.
This competition offers loans at an interest rate of 3.7% per anum to help businesses overcome barriers to their innovations becoming a successful, commercial reality. The aim is to make a considerable economic impact which results in significant, sustainable business growth.
Innovate UK is looking for businesses who can demonstrate that their projects have the best potential for the future.
Your idea must lead to innovative products, processes or services that are significantly ahead of others currently available. 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.
The funding available will be allocated across a series of four competitions with the next round opening on the day the previous round closes. The final round 4 will close on 13 July 2022.
Health and Wellbeing
Next generation digital technologies
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 July 2022.
To receive an innovation loan for a new project you must: