Innovation loans for SMEs

There’s a new £10 million pot of loan funding for micro, small or medium-sized enterprises trying to push an innovation project over the finishing line. Innovate UK has launched the competition following a pilot programme last year, and it says the loans will be used to ‘help businesses to support cutting-edge innovations become successful commercial realities’.

To be eligible, projects should develop new products and services, or highly innovative uses of existing ones, that are significantly advanced of anything currently used. These can come from any technology, and projects must focus on commercialisation, growth or scale-up. Priority will be given for projects likely to lead to growth in productivity.

Projects must show:

  • a clear game-changing idea
  • how the idea can lead to innovative products, processes or services significantly ahead of the current field
  • practical financial plans.

Loans of between £100,000 and £1 million are available per project, and registration closes on 11 September 2019. More information is available from Innovate UK.

Want to know more?

Innovate UK will hold a number of briefing events between 23 July and 31 July, including an event in London on 24 July that will also be available on webcast. For details and to register, click here.

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