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Innovation Loans Future Economy Competition – Round 5

Fund Name

Innovation Loans Future Economy Competition – Round 5

Project Length

Up to 5 years

Project Value

£100,000-£2 million

Deadline

14.09.2022

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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.

Check Your Eligibility

Fund Details

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:

  • a clearly expressed and compelling innovative idea
  • a robust and deliverable business plan that addresses and evidences market potential and needs
  • a team with the necessary skills and experience to run and complete the project successfully and on time, and take the outputs forward
  • awareness of all the main risks the project and business will face, with realistic plans to manage, mitigate and minimise the impact of each of these
  • sound, practical financial plans and timelines that represent good value for money and ability to repay the loan
  • why you are unable to fund the project from your own resources or other forms of public or private-sector funding
  • a clear, evidence based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion

Your project can include:

  • prototyping
  • demonstrating
  • piloting
  • testing
  • validation

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.

  • round 1 opens 10 March 2022 (this competition)
  • round 2 opens 14 April 2022
  • round 3 opens 12 May 2022
  • round 4 opens 9 June 2022

Specific Themes

Net Zero

  • energy
  • impact of industrial processes and use of materials
  • agriculture and food and other sources of emissions
  • capital intensity

Health and Wellbeing

  • tackling ill health
  • enhancing Wellbeing
  • diet and food

Next generation digital technologies

Technology families

  • advanced materials and manufacturing
  • artificial intelligence
  • digital and advanced computing
  • bioinformatics and genomics
  • engineering biology
  • electronics, photonics and quantum technologies
  • energy and environment technologies
  • robotics and smart machines

Eligibility

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:

  • be a UK registered micro, small or medium-sized enterprise (SME)
  • carry out your project from or in the UK
  • intend to exploit the results from or in the UK
  • give evidence that your business is suitable to take on a loan

Talk to us today if you would like to apply for this opportunity.

Apply Now