06 July 2018
Innovate UK is running a pilot programme of loan competitions over 2 years to the end of 2019. A total of up to £50 million is available for business innovation projects.
They are working to broaden the range of innovation finance support available to businesses, so they can access funding at all stages of innovation. Innovations need different types of funding support depending on how close they are to market. The lack of funding available to innovative businesses at the right time is a barrier to their productivity and growth.
Through the pilot, innovation loans will be offered through loan competitions to UK small or medium-sized enterprises (SME) that want to scale up and grow by developing new or improved products, processes or services.
You can use an innovation loan to finance a late-stage research and development project categorised as experimental development.
You will need to successfully apply into one of the Innovate UK loan competitions to obtain an innovation loan. It is a competitive process.
You could borrow between £100,000 and £1 million, to cover up to 100% of your eligible project costs. The loan period is up to 10 years.
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