News story: Support for game-changing ideas: apply for an innovation loan

Innovate UK has up to £10 million in innovation loans to support game-changing ideas being developed by small and medium-sized businesses in the UK.

The loans are for highly innovative late-stage projects in any area of technology or the economy that can demonstrate a clear route to commercialisation and economic impact.

They will be made available through Innovate UK Loans Ltd, a wholly-owned subsidiary of Innovate UK.

Projects must show significant economic impact

Projects must lead to innovative products, processes or services that are significantly ahead of others in the field.

They must have a clear business plan and demonstrate that they will deliver significant economic impact and return on investment as soon as possible after project completion.

The competition will fund a variety of projects across different technologies and markets.

About the innovation loans programme

Innovation loan competitions are being run as part of a 2-year pilot programme.

The programme recognises that innovations need different types of funding support. It offers flexible, low-interest loans for innovation projects that are nearer to market than those that typically receive grant funding.

It is aimed at innovative micro, small and medium-sized businesses that can manage a loan but struggle to access finance from commercial lenders or schemes backed by the British Business Bank.

This is the fourth of 5 loan competitions. A total of £50 million will be made available.

Competition information

• the loan competition opens on 2 July 2018, and the deadline for registration is midday on 29 August 2018
• you could get an innovation loan of between £100,000 and £1 million
• your project must be late-stage experimental development and last up to 5 years
• up to 100% of your eligible project costs are available
• only single, UK-based SMEs can apply