Businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy.
Innovate UK (IUK) is providing Innovation Loans to businesses for later-stage innovation projects that have a clear route to commercial success. IUK is delivering up to £20 million for highly innovative projects with the best game changing and/or disruptive ideas or concepts.
Projects should aim to develop new products, processes or services believed to be significantly ahead of anything similar in the field. Proposals can come from any technology and any part of the economy. They must focus on commercialisation, growth or scale up. Priority is given to proposals likely to lead to growth, gains in productivity.
Loans of between £250,000 and £1.6 million are available. Projects can last up to four years, including both the R&D and commercialisation phases, and should start by September 2021.
Innovative micro, small and medium businesses in the UK that could manage a loan, but may struggle to access finance from commercial lenders or schemes backed by the British Business Bank, may apply.
The deadline for applications is 2 June 2021 (11:00 BST).