Exciting changes to Defence Innovation Loans, including loans up to £2 million
DASA and Innovate UK have changed the Defence Innovation Loans service to make it even easier to apply. See what’s new!
- Defence Innovation Loans now offers loans from £100 thousand to £2 million
- Defence Innovation Loans is an alternative funding method to help small and medium-sized Enterprises (SMEs) who often struggle to bring their ideas to market
The Defence and Security Accelerator (DASA) and Innovate UK introduced Defence Innovation Loans in the summer of 2021, as an alternative funding method to help convert mature defence innovations into viable business propositions that can compete for defence procurement.
Aimed at small to medium-sized enterprises (SMEs), and with a below market interest rate of 7.4% per annum, Defence Innovation Loans offer affordable funds to help innovators get closer towards commercialisation.
Following the success of the Defence Innovation Loans funding model, DASA and Innovate UK are pleased to announce exciting changes to improve the service.
Defence Innovation Loans: what’s new?
DASA always seeks to improve its services, to ensure that your innovations are accelerated effectively. Here is how we have improved Defence Innovation Loans and made the experience more effective for you to apply:
- Defence Innovation Loans are expanding to offer loans from £100 thousand to £2 million (previously £250 thousand to £1.6 million)
- the loan ‘availability’ period will be up to 3 years (previously 2 years)
- Defence Innovation Loans will operate on cycle-based assessment periods, but will remain open all year round
- the initial outcome of loan eligibility will still be carried out by DASA and Innovate UK, within 7 weeks from the closing date of the cycle
Who can apply for a Defence Innovation Loan?
To apply for a Defence Innovation Loan, you must:
- be a UK registered SME
- intend to exploit the results in the UK or overseas to make a significant and positive impact on the UK economy and / or productivity
- give evidence that your business is suitable to take on a loan
Please note that individuals, academic institutions, research organisations and large companies are not eligible for Defence Innovation Loans.
What innovations are considered for a loan?
Defence Innovation Loans are open to innovative ideas to improve the defence of the UK. Your innovation must be mature, at TRL 6 or above, to ensure the solution can be commercialised within the time scale of the loan. There must also be clear evidence of a Defence need for the innovative solution.
Ready to apply?
Read the full Defence Innovation Loans document and submit an application.
Here to help: Meet the Access to Mentoring & Finance (A2MF) Team
The A2MF team works closely with innovators to understand their business needs and aspirations. Their goal is to help companies become investment, market and supply chain ready.
Original article link: https://www.gov.uk/government/news/exciting-changes-to-defence-innovation-loans-including-loans-up-to-2-million
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