Innovation Loans Future Economy

UK registered SME businesses can apply for loan funding for innovative late-stage research and development projects with strong commercial potential that will significantly boost the UK economy.

Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises.

Loans are for businesses with highly innovative late-stage research and development projects with a clear route to commercialisation and economic impact.

Projects must lead to new products, processes or services that are significantly ahead of others currently available or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model.

We are particularly interested in projects that focus on the future economy areas included in Innovate UK plan for action.

Who are loans for?

Businesses that are:

• Carrying out late-stage R&D
• Have a clear route to commercial success
• Innovative and growth orientated
• ‘Scaling’ rather than ‘starting’
• Credit constrained
• Unable to fund the project from their own resources or other forms of private-sector funding.

We are looking for businesses that can demonstrate that their innovation activities have the best potential for future growth.

Impact

*Activities for year ending 31 December 2023