This competition aims to help businesses overcome barriers to the best cutting edge, game changing innovations becoming a successful commercial reality. This includes making a considerable economic impact and/or resulting in significant, sustainable business growth. Projects must focus on commercialisation, growth or scale-up. Priority is given to proposals likely to lead to growth, gains in productivity and/or access to new overseas markets through export.
There is a total of £10 million available in this competition. Individual loans of between £100,000 and £1 million are available. Projects should last up to five years and are expected to start by December 2018.
The loans are aimed at innovative micro, small and medium-sized businesses in the UK that will be able to manage a loan, but may struggle to access finance from commercial lenders or schemes backed by the British Business Bank.
To take on an innovation loan for a project the business must:
- be a UK based SME;
- carry out the project in the UK.
The competition is now open with a deadline for registrations of 6 June 2018 and a closing date the following week on 13 June 2018.
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