Innovate UK is offering up to £25 million in innovation loans targeted towards micro, small, and medium-sized enterprises (SMEs). These loans are specifically for advanced stage research and development (R&D) projects that exhibit a high potential for future economic impact and have a clear path to commercialisation.
Opening & Closing Dates
- Opens: Thursday 9 November 2023
- Closes: Wednesday 10 January 2024 at 11:00 am
Key Project Requirements
- Projects should lead to innovative/groundbreaking new products, processes, services, or business models.
- They must align with at least one of the future economy areas outlined in the Innovate UK action plan.
- Applicants must demonstrate a need for public funding, the ability to manage interest payments, and the capacity to repay the loan promptly.
Funding Type
Loan
Project Size
Loans ranging from £100k to £2 million.
Proposal Criteria
- Proposals should present a compelling innovative idea with a comprehensive business plan.
- They must show market potential, a skilled project team, and awareness of associated risks.
- Financial plans should indicate value for money and a plan for repaying the loan.
- Proposals must prove the inability to fund the project through other means.
- A clear plan for significant economic impact and ROI post-completion is essential.
Project Inclusions
- Prototyping, demonstrating, piloting, testing, and validation in real-life conditions are supported.
- Applications from diverse businesses, including those outside the ‘Golden Triangle’ or with founders from underrepresented groups, are encouraged.
Evaluation Criteria
- Quality of the project proposal.
- Business’s suitability for a loan.
Exclusions
- Businesses unable to manage loan repayments.
- Projects reliant on export performance or domestic inputs usage.
- Commercial activities like marketing and sales are not funded.
Portfolio Approach
- A diverse range of projects across various technologies and markets, particularly those focusing on future economy areas, will be funded.
Specific Themes
- Projects must focus on themes like Net Zero, Health and Wellbeing, or Next Generation Digital Technologies.
Research Categories
- Only experimental development projects will be funded.
Exclusions
- No grant funding or matching of grant funding.
- No support for projects dependent on export performance or domestic inputs usage.
