Innovation loans: April 2021 open competition

Posted on Posted on 18 May 2021

Businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy.

  • Competition opens: Monday 26 April 2021
  • Competition closes: Wednesday 2 June 2021 11:00am

Innovate UK is offering up to £20 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late stage projects with the best game changing and disruptive ideas or concepts. There should be a clear route to commercialisation and economic impact.

Your project must aim to develop new products, processes or services which are significantly ahead of anything similar in the field. You can also propose an innovative use of existing products, processes or services.

Applications can come from any area of technology and be applied to any part of the economy.

Your project must focus on commercialisation, growth or scale up. We will give priority to proposals likely to lead to growth and gains in productivity.

You must be able to show that you:

  • can cover interest payments
  • will be able to repay the loan on time
  • need public funding

The aim of this competition is to help businesses overcome barriers to their innovations becoming a successful, commercial reality. The loans are intended to support significant, sustainable business growth which results in considerable economic impact.

We are looking for businesses who can demonstrate their projects have the best potential to deliver future growth.

Your idea must lead to innovative products, processes or services that are significantly ahead of others in the field.

Your proposal must demonstrate:

  • a clear game-changing and disruptive innovative idea
  • a robust and deliverable business plan that addresses (and documents) market potential and needs
  • a team, business arrangement or working structure with the necessary skills and experience to run and complete the project successfully and on time
  • awareness of all the main risks the project and business will face, with realistic plans to manage, mitigate and minimise the impact of each of these
  • sound, practical financial plans and timelines that represent good value for money
  • a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion.

 

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