Innovation Loans: Open Competition

Key features: UK based SMEs are invited to apply for loans of up to £1million to deliver highly innovative late stage projects. Projects may come from any technology and any part of the economy.

Programme: Up to £10 million is being made available by Innovate UK

Award: Loans between £100,000 and £1 million. Projects can last up to 5 years.

Opens: 17 September 2018

Registration closes: 14 November 2018

Closes: 21 November 2018

Support phone number: 0114 236 4457

UK based SMEs are invited to apply for loans of up to £1million to deliver highly innovative late stage projects. Projects may come from any technology and any part of the economy.
 
Up to £10 million is being made available by Innovate UK
                         
This competition aims to help businesses overcome barriers to the best cutting edge, game changing innovations becoming a successful commercial reality. This includes making a considerable economic impact and/or resulting in significant, sustainable business growth.
 
Funding
 
 Loans between £100,000 and £1 million. Projects can last up to 5 years.
 
To be eligible for funding you must be a UK based SME, whose work will be carried out in the UK.
Up to 100% of eligible project costs can be funded. For experimental development however, which most of these loans will cover 
  • Up to 45% if you are a micro or small business
  • Up to 35% if you are a medium-sized business of the project costs can be funded.
Scope
 
Your proposal must demonstrate a clear, considerable potential to make a significant and positive impact on the UK economy and/or productivity. Projects must focus on commercialisation, growth or scale up. Up to 3 years may focus on late stage R&D and another 2 years on establishing a clear route to commercial success. We particularly welcome proposals from innovation-based businesses with significant ambition.
 
Out of Scope
 
Proposals that do not fit the classification of experimental development and require significant early stage R&D. Collaborative projects.