What is the loan available for?
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.
Your project 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 project must focus on one or more of the future economy areas included in the Innovate UK plan for action.
You must be able to show that you:
- need public funding
- can cover interest payments
- will be able to repay the loan on time
Any eligibility criteria?
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
Your business can only submit one application per round of this competition. If you submit more than one application, only the first application will be considered for assessment. Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition.
You can apply for a loan of between £100,000 and £2 million to fund your project’s eligible costs.
Your proposal must demonstrate:
- a clearly expressed and compelling innovative idea
- a robust and deliverable business plan that addresses and shows evidence of 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
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.
Who provides the loan?
How to apply?
For more information or to apply click here!
Closing Date: 31/12/2024