UK business can apply for innovation loans worth up to £1m to fund late-stage projects with strong commercial prospects.

Britain’s innovation agency, Innovate UK, is using this open competition to invest up to £10m into game-changing projects from small or medium-sized enterprises (SMEs).
 

Call for disruptive ideas and concepts.

Successful projects will have a clear route to commercialisation and economic growth for the business and the UK economy.

A statement from Innovate UK read: “The programme recognises that innovations need different types of funding support. It offers flexible, low-interest loans for innovation projects that are nearer to market than those which typically receive grant funding.”

Only single UK-based business owners can apply, and successful applicants will be offered between £100,000 and £1m.

Projects must aim to develop new products, processes or services that are ahead of others in the field and be classified as late-stage experimental development.

Ideas can be in any technology area, including the arts, design media and creative industries, as long as they last a minimum of five years.

This is the third of five loan competitions. A total of £50m will be made available.

Other competitions focused on helping 18 to 30-year-olds progress with their business ideas and projects which improve productivity in manufacturing and infrastructure.

Innovation loans will be made available through Innovate UK Loans Ltd, a wholly-owned subsidiary of Innovate UK.
 

Loan competition details

• the deadline for registration is midday on 6 June 2018
   
• innovation loans are available at amounts between £100,000 and £1 million
   
• projects must be late-stage experimental development and last up to 5 years
   
• up to 100% of eligible project costs are available

Visit the Innovate UK website for more information and to apply.