Innovation Loans for SMEs: apply for funding

Following the success of the Innovation Loans pilot programme throughout 2018, the programme is being extended to the end of 2020 with an additional £25 million available for business innovation projects in 2 further competitions.

Loans will be used to help businesses to support cutting-edge innovations become successful commercial realities.

In this current competition, a share of £10 million is available through Innovate UK, part of UK Research and Innovation, for micro, small or medium-sized enterprises (SMEs) for highly innovative, late stage projects with the most game-changing ideas and concepts.

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 in any part of the economy, as long as they are sufficiently disruptive. Projects must focus on commercialisation, growth or scale-up, and priority will be given for projects likely to lead to growth in productivity.

Loans will be declined for businesses that are considered unable to afford the interest and repayments on the loan.

Source: Www.gov.uk

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