Innovate UK Innovation Loans: round 24
Loans for innovative late-stage R&D projects
Innovate UK is offering up to £25 million in loans to help UK micro, small, and medium-sized enterprises (SMEs) progress highly innovative late-stage research and development (R&D) projects with strong commercial potential.
Projects should lead to new products, processes or services that are significantly ahead of those currently available, or propose an innovative use of existing ones. They can also involve a new or distinctive business model.
Your project must align with one or more of the Future Economy areas set out in Innovate UK's Plan for Action.
You must show that you:
- need public funding to progress your project
- can cover interest payments
- will be able to repay the loan on time
You can apply for a loan between £100,000 and £5 million to cover eligible project costs. Projects can last up to five years, including both the R&D and pre-commercialisation phases.
Funding is allocated across a rolling series of competitions, with each new round opening as the previous one closes.
Round 24 of this competition closes at 11am on Wednesday 7 January 2026.
Find out more about Innovation Loans: round 24.
Read all the competition instructions carefully, as changes have been introduced to the Innovation Loans programme that allow you to include new eligible costs and a pre-commercial work package within your project.
Applicant events
Prospective applicants can join a series of online sessions to learn about the changes to the scheme and how to prepare a strong submission:
- applicant briefing webinar: Wednesday 5 November 2025
- deep-dive workshop 1: Wednesday 12 November 2025
- deep-dive workshop 2: Monday 17 November 2025
- deep-dive workshop 3: Tuesday 25 November 2025
Registration is required for all sessions.
Find full details and sign-up links on the Innovate UK Business Connect website.
First published 28 October 2025