Innovation Loans Future Economy Competition – Round 3

Posted on Posted on 24 May 2022

Competition closes: Wednesday 8 June 2022 11:00am

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

Innovate UK is offering up to £25 million in loans to micro, small and medium sized enterprises (SMEs). Loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.

Your project 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 the Innovate UK plan for action.

You must be able to show that you:

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

The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes. The final round 4 will close on 13 July 2022.

  • round 3 opens 12 May 2022 (This competition)
  • round 4 opens 9 June 2022

In applying to this competition, you are entering into a competitive process. This competition closes at 11am UK time on the deadline stated.

You can apply for a loan of between £100,000 and £2 million to fund your project’s eligible costs.

Projects can last up to 5 years, including both the R&D and commercialisation phases. Projects are expected to start by July 2022.

This competition offers loans to help businesses overcome barriers to their innovations becoming a successful, commercial reality. The aim is to make a considerable economic impact which results in significant, sustainable business growth.

Innovate UK is looking for businesses who can demonstrate that their projects have the best potential for the future.

Your idea must lead to innovative products, processes or services that are significantly ahead of others currently available. It can also involve a new or innovative business model.

 

Find out more and apply here

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