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.
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
The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes:
- round 10 opens 14 July 2023 (this competition)
- round 11 opens 14 September 2023
- round 12 opens 9 November 2023 and will close on 10th January 2024
In applying to this competition, you are entering into a competitive process.
Round 10 closes on 13 September 2023 at 11:00am.
Full details can be found at this page.