£10 Million Innovation Loans for SMEs

Innovate UK has up to £10 million in innovation loans for UK small or medium-sized enterprises (SMEs) to carry out highly-innovative, game-changing projects.

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.

For more information click here