What are Innovation Loans?
Innovation Loans offer an opportunity for UK SME’s to be awarded up to 100% project funding for late-stage R&D projects focusing on experimental development, that have a clear route to commercial success.
The Innovation Loans scheme aims to provide finance that is affordable, patient and flexible for these projects. They are aimed at innovative micro, small and medium-sized businesses who will be able to manage a loan, but who struggle to access finance from commercial lenders or schemes backed by the British Business Bank.
The currently open, September round of this competition is the fifth and final part of the pilot scheme that was introduced by Innovate UK in Autumn 2017.
The scope for eligible projects, as defined by Innovate UK, is:
What are Innovate UK looking for?
The main things Innovate UK are looking for when assessing your application are:
To be able to show the assessors that your proposal meets all these points, the application is split into 2 parts…
Part A is for you to describe your project details, answer the innovation questions and explain your project finances.
Part B is to answer questions about your business and its ability to repay a loan. It also gives you the opportunity to outline your preferred loan conditions accompanied with your reasons why.
TBAT Top Tips for applying
To find out more about the competition – have a look at the full details here!
Read our guide to a successful Innovate UK Grant Application, addressing the key areas and questions, with a few top tips along the way!
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Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.Get In Touch