Loans for game-changing innovations with strong commercial potential that will significantly improve the UK economy.
Programme: Innovate UK
Award: Share of up to £10 million
Opens: 17th Sep 2018
Closes: 21st Nov 2018
Innovate UK is to offer up to £10 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late stage projects with the best game changing and/or disruptive ideas or concepts. There should be a clear route to commercialisation and economic impact.
Proposals can come from any technology (including arts, design, media or creative industries) and any part of the economy.
To be in scope, your proposal must demonstrate:
Projects should last up to 5 years, of which up to 3 years can focus on late stage research and development (R&D), and up to 2 more years on establishing a clear route to commercial success. Loan repayments will be required over a further period of up to 5 years.
Businesses must be able to show that they:
To take on an innovation loan for a project you must:
Individuals, research organisations and large companies are not eligible for innovation loans. Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition.
Loans of between £100,000 and £1 million will be offered.
You could get a loan of up to 100% of your eligible project costs. Since the loan will have favourable terms (particularly a below-market rate of interest) the value of this benefit over the life of the loan will be the equivalent of a grant and will be a form of state aid. For experimental development projects this grant equivalent, as a proportion of the eligible project costs, can be:
Interest will be charged at the rate of 3.7% per year on outstanding amounts, payable quarterly in arrears.
Innovate UK will not fund proposals that:
Innovation loans will not be offered to: