UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy.
Programme: Innovate UK
Award: Share of up to £25 million
Opens: 13th Jan 2023
Closes: 8th Mar 2023
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.
Innovate UK is looking for businesses who can demonstrate that their projects have the best potential for the future.
Your idea 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 proposal must demonstrate:
Your project can include:
These can be in environments that represent real life operating conditions.
Innovate UK are also particularly interested in receiving applications from diverse businesses; those involving communities that are typically under-represented, including from regions outside the ‘Golden Triangle’ (London, Oxford and Cambridge) or with for example, female, ethnic minority and diverse ability founders.
Your application will be evaluated on:
Innovate UK will decline applications for loans for businesses which:
Your project must focus on one or more of the following themes or sub-themes:
Health and Wellbeing
Next generation digital technologies
You can apply for a loan of between £100,000 and £2 million to fund your project’s eligible costs.
Projects can last up to 5 years, including both the R&D and commercialisation phases. Projects are expected to start by 1st September 2023.
To receive an innovation loan for a new project you must:
Innovate UK will evaluate whether your business is suitable to receive an offer of a loan for your project.
Individuals, large companies, not for profits, charities, academic institutions, and research organisations are not eligible for innovation loans.
Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition.
You must only include eligible project costs in your application.
Under current restrictions, this competition will not fund any procurement, commercial, business development or supply chain activity with any Russian and Belarusian entity as lead, partner or subcontractor. This includes any goods or services originating from a Russian and Belarusian source.
Subcontractors are allowed in this competition.
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.
You can use a previously submitted application to apply for this competition.
<h1 style=”text-align: center;”>Interested in applying for this competition?</h1>
<p style=”text-align: center;”>Book an appointment to speak to one of our advisors to discuss your eligibility to apply for this Grant Funding opportunity.</p>
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