UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy.
Innovate UK is offering up to £25 million in loans to micro, small and medium sized enterprises (SMEs). Innovate UK innovation loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future. There must be a clear route to commercialisation and economic impact. Loans can be between £100,000 and £2 million. You can get a loan of up to 100% of your eligible project costs, with interest rates from 3.7% to 7.4% depending on repayment stage.
Your project 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 project must focus on one or more of the future economy areas included in the Innovate UK plan for action (net zero, health and wellbeing, and next generation digital technologies).
You must be able to show that you:
- need public funding
- can cover interest payments
- will be able to repay the loan on time
Find out more on the Innovate UK innovation loans pages here – Innovate UK loans future economy: Round 20
