Defence Science and Technology Laboratory
Applying for Defence Innovations Loans is now even easier
Defence Innovation Loans will run continuously until 16 March 2022, which means no more cycles during this time. Find out what this update means for you and your application.
The Defence and Security Accelerator (DASA) launched Defence Innovation Loans in 2021, to offer small and medium enterprises (SMEs) affordable funds to help commercialise their innovations.
After internal review, DASA has taken the decision to run a pilot scheme making the application process for Defence Innovation Loans even easier. Defence Innovation Loans are now continuously open for proposals, and once a proposal is submitted, it will be assessed with initial outcomes communicated within seven weeks. This means that you won’t have to wait until the end of a cycle to receive feedback and if you’re invited to resubmit you will be able to do it quicker. The pilot scheme will be under review and will end on 16 March 2022.
Read the full competition document here and apply for a Defence Innovation Loan.
Rundown: Key changes to Defence Innovation Loans
Detailed below is a list of key changes to Defence Innovation Loans, and how these changes have made the application process more straightforward.
- Innovators can apply at any time, and can expect an initial outcome response within seven weeks. Applications are no longer tied to cycles.
- The initial outcome response is the DASA outcome. Success at this stage leads to an in-depth financial analysis by Innovate UK.
- The DASA stages of assessment remain the same. See the full Defence Innovation Loans document for more information.
- This new format is a pilot that will be reviewed; when the pilot ends on 16 March 2022 we might change the format of the Defence Innovation Loans e.g. returning to cycle-based assessment periods.
Join our upcoming webinar
Speak to the DASA Team behind Defence Innovation Loans and learn more about the pilot in our upcoming webinar.
Date: 24 January 2022, 10:30 – 11:30 GMT
Have the levels of funding for Defence Innovation loans changed?
The levels of funding available are the same. A total of £10 million is available for the Defence Innovation Loans this year.
You can apply for a loan between £250,000 and £1.6 million with a below market interest rate of 7.4% per annum. This loan can cover up to 100% of eligible project costs to aid the commercialisation of the solution and the overall term of the loan must not exceed 7 years.
Who can apply for a Defence Innovation Loan?
The applicant criteria for Defence Innovation Loans have not changed. 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, individuals, academic institutions, research organisations and large companies are not eligible for innovation loans.
Ready to apply?
Read the full DASA competition document here.
For more Defence Innovation Loans content, check out our video playlist.
Original article link: https://www.gov.uk/government/news/applying-for-defence-innovations-loans-is-now-even-easier
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