Innovation Loans Future Economy competition: round 14

UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy

Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.

Your project must lead to 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 14 (current round) will close on 1 May 2024
• round 15 will open on 2 May 2024 and close on 26 June 2024
• round 16 will open on 27 June 2024 and will close on 21 August 2024

You can apply for a loan of between £100,000 and £2 million to fund your project's eligible costs.

Projects can last up to five years, including both the R&D and commercialisation phases.

Find out more about the current round of Innovation Loans.

Potential applicants can access Innovate UK's videos, FAQs, guidance for applicants, and other competition resources to learn how to best prepare their Innovation Loans application.

First published 25 March 2024