Coronavirus: Innovation Continuity Loans
Innovate UK's loan programme for SMEs involved in late-stage innovation projects
As part of their coronavirus response package, Innovate UK is offering up to £210 million in loans to small and medium enterprises (SMEs) and third sector organisations that have a challenge in continuing a live project for which they have an Innovate UK award.
Loans are for organisations that find themselves facing a sudden shortage or even unavailability of funds resulting directly from the COVID-19 pandemic. This innovation continuity loan may be suitable if you need funding of between £250,000 and £1,600,000.
Who can apply?
To be eligible to apply, you must match all of the criteria:
- currently funded project participants in an Innovate UK award
- SMEs (as per the European Commission definition) and third sector organisations
- undertakings that find themselves facing a sudden shortage or even unavailability of funding resulting directly from the COVID-19 pandemic
- organisations that were not an undertaking in difficulty as of 31 December 2019 or, for micro and small companies only, even if they were already in financial difficulty on 31 December 2019 unless they are in insolvency proceedings, have received rescue aid that has not been repaid, or are subject to a restructuring plan under State aid rules.
Only single businesses can receive the loan, so each participant in a consortium funded through collaborative R&D must apply separately. Innovate UK will make a lending decision based on the viability of the project as a whole as well as on the suitability of the applicant for a loan. Find out more about Innovation Continuity Loans.
Applicants won't be able to receive both an Innovate UK continuity grant and a continuity loan in relation to the same project. Funding will not be given to support furloughed staff or where the project will not be continued or where necessary, completed during the COVID-19 pandemic.
The competition opened on the 7 May 2020 and will remain open for applications until funds are fully committed or 31 December, whichever is the earlier.
How to apply
To apply for an Innovation Continuity Loan, complete this application form
If you need more information about how to apply for an Innovation Continuity Loan, email firstname.lastname@example.org or call 0300 321 4357.
First published 21 July 2020