The UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy.
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 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.
We are particularly interested in projects that focus on 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. This is round 4, the final round in the current series.
In applying to this competition, you are entering into a competitive process.
Competition opens: 9 June 2022
Competition closes: 13 July 2022 11:00am
Applicants notified of progress to detailed credit analysis: 2 September 2022
Applicants notified: 2 September 2022
19 September 2022Final lending decisions notified
24 October 2022Expected Project Start date
How To Apply
You must read the guidance on applying for a competition on the Innovation Funding Service before you start.
For more information on how to apply, the application process and start an application, please click here.
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