Businesses encouraged to apply for innovation loans
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Posted: Thu 18th Jul 2024
Small businesses launching innovative new products, processes or services can apply for the government's latest round of innovation loans.
The scheme by Innovate UK has a total of £25m available for innovative projects by micro, small and medium sized enterprises with strong commercial potential to significantly improve the UK economy.
Individual businesses can apply for between £100,000 and £2m to fund the project's eligible costs.
The current loan offer is the 16th round of funding from the scheme that supports late stage innovation projects that have a clear route to commercial success.
They are aimed at businesses that struggle to access finance or need to raise funds alongside offers from commercial lenders or schemes backed by the British Business Bank.
Innovate UK says projects must lead to innovative new products, processes or services that are "significantly ahead of others currently available or propose an innovative use of existing products, processes or services".
They can include prototyping, demonstrating, piloting, testing and validation.
You can apply here by 12pm on 28 August. Watch a briefing about the loans below:
Apply for Innovate UK innovation loans
Further rounds of innovation loans are available as follows:
round 17 opens on 29 August 2024 and closes on 9 October 2024
round 18 opens on 10 October 2024 and closes on 11 December 2024
round 19 opens on 12 December 2024 and closes on 5 February 2025
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