Innovate UK innovation loans future economy
Loans for innovative projects with strong commercial potential to significantly improve the UK economy.
To receive an innovation loan for a new project you must:
- be a UK-registered micro, small or medium-sized enterprise (SME)
- carry out your project from or in the UK
- intend to exploit the results from or in the UK
- give evidence that your business is suitable to take on a loan
Innovate UK will evaluate whether your business is suitable to receive an offer of a loan for your project.
Individuals, large companies, not-for-profits, charities, academic institutions, and research organisations are not eligible for innovation loans.
Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition.
Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Innovate UK innovation loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There must be a clear route to commercialisation and economic impact.
Your project must lead to innovative new products, processes or services that are significantly ahead of others currently available, or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model.
Your project must focus on one or more of the future economy areas included in the Innovate UK plan for action.
You must be able to show that you:
- need public funding
- can cover interest payments
- will be able to repay the loan on time
The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes.
Round 15 applications are open from 2 May to 11am on 26 June 2024.
- Innovate UK