Innovation Loans for SMEs: apply for funding
Organisations can 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 programme is being extended to the end of 2020 with an additional £25 million available for business innovation projects in 2 further competitions.
Loans will be used to help businesses to support cutting-edge innovations become successful commercial realities.
Previous successful applicants of Innovation Loans include:
- Callaly, a new feminine hygiene care product manufactured entirely in the UK which has had further success following their loan
- Ashwood Electric Motors, creating smaller, lighter and more efficient permanent magnet electric motors
- The Electrospinning Company, making clinical-grade biomaterials
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 of anything currently used.
These can come from any technology and in any part of the economy, as long as they are sufficiently disruptive. Projects must focus on commercialisation, growth or scale-up, and priority will be given for projects likely to lead to growth in productivity.
Projects must show:
- 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.
- the competition opened yesterday (8 July 2019). The registration close date is 11 September 2019
- micro, small and medium-sized organisations may apply
- loans between £100,000 and £1 million are available per project
- 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
Latest News from
Highways England unveils successful air quality and innovation competition entries17/07/2019 16:32:00
Technology which could improve air quality in local communities by helping the way drivers leave motorways was named today as one of the successful entries in a multi-million-pound competition run by Highways England and Innovate UK.
Using new technology to monitor house building: apply for funding16/07/2019 09:10:00
Organisations can apply for a share of £1.25 million to devise new ways to monitor house building using satellite imagery and council and other data.
Nanoco: developing new techniques to detect and treat cancer09/07/2019 09:15:00
Nanoco is using expertise in nanomaterials for use in displays and lighting to develop better ways of detecting and treating deadly forms of cancer.
Next generation services Innovation Lab: apply for funding03/07/2019 10:20:00
Individuals can apply to take part in a 3-day residential Innovation Lab on behalf of their organisation to develop responsible data access or sharing methods.
Ingenious innovations to help transform UK farming01/07/2019 09:10:00
New technologies are set to help UK farmers cut down on pollution, minimise waste and produce more food.
ENGIE partners with Innovate UK to fund pioneering energy projects20/06/2019 09:10:00
Innovate UK has teamed up with ENGIE to seek out and fund innovative projects that can speed up the development of a sustainable energy transition.
Partner with Singapore on disruptive projects: apply for funding18/06/2019 09:10:00
Organisations can apply for a share of £1 million to work with Singaporean companies.
New £153 million programme to commercialise UK’s quantum tech14/06/2019 12:25:00
£153 million Industrial Strategy Challenge Fund funding, alongside £205 million from industry, will support commercialisation of quantum technologies.