Innovate UK opens call for innovation loans for SMEs, where businesses can now apply for a share of £10 million to work on highly innovative, late stage projects.
Following the success of the Innovation Loans pilot programme throughout 2018, the Innovate UK programme is being extended to the end of 2020 with an additional £25 million available for business innovation projects in 2 further competitions.
Supporting cutting-edge innovations
The loans are to be used by businesses to help support cutting-edge innovations & research and essentially become successful commercial realities.
Previous successful applicants of Innovation Loans include:
- Callaly: the new feminine hygiene care product manufactured entirely in the UK which has had further success following their loan;
- Ashwood Electric Motors: the company that creates smaller, lighter and more efficient permanent magnet electric motors; and
- The Electrospinning Company: making clinical-grade biomaterials.
Available for the most game-changing ideas and concepts
In this current competition, a share of £10 million is available through Innovate UK, part of UK Research and Innovation, for micro, small or medium-sized enterprises (SMEs) for highly innovative, late stage projects with the most game-changing ideas and concepts.
Projects should develop new products and services, or highly innovative uses of existing ones, that are significantly advanced.
Such projects can come from any technology and in any part of the economy, as long as they are sufficiently disruptive and innovative. Projects must focus on commercialisation, growth or scale-up, and priority will be given for projects likely to lead to growth in productivity.
Projects are required to show the following:
- A clear game-changing idea;
- How the idea can lead to innovative products, processes or services significantly ahead of the current field;
- Practical financial plans;
- Loans will be declined for businesses that are considered unable to afford the interest and repayments on the loan; and
- Competition information.
The competition is now open, and the registration close date is 11 September 2019.
Loans between £100,000 and £1 million are available per project, and micro, small and medium-sized organisations may apply.
Briefing events will be held throughout July 2019 in Brighton, Birmingham, London, Daresbury and Sheffield, where organisations can find out more about the competition and process of applying.