The increasingly popular Innovation Loan competition by Innovate UK is open for application once again.
Whether you are a micro, small or medium sized enterprise, you could benefit from a loan of between £100,000 and £1 million, from Innovate UK. Innovate UK has a total of £10 million to fund innovation projects like yours.
What kind of projects is this for?
If your idea/concept is game changing, has a real disruptive element, has a clear route to commercialisation and economic impact, read on.
Innovate UK is keen to support enterprises that might have struggled to access finance from commercial lenders or schemes backed by the British Business Bank. The Innovation Loans scheme, aims to provide finance that is affordable, patient and flexible for later-stage innovation projects.
To find out if you are eligible to apply for a loan of up to £1 million, click here.
To find out how to apply to be in the running for a loan of up to £1 million, click here.
What are the timelines for projects?
Projects should last up to 5 years. Up to 3 years can focus on late stage research and development (R&D), and up to 2 more years on establishing a clear route to commercial success. Loan repayments will be required over a further period of up to 5 years.
You will need to get your application in before Wednesday 27 November 2019 12:00pm.
Attend a briefing event to find out more about the Innovation Loans Competition
If you have read the eligibility criteria and the information on what type of projects Innovate UK is looking for, the next step is to attend a briefing event in person or online – Innovation Loans Open Competition Briefing Events 2019 – Essex 8th November