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). Innovate UK innovation loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future. There must be a clear route to commercialisation and economic impact.
Your project 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. It can also involve a new or innovative business model.
Your project must focus on one or more of the future economy areas included in the Innovate UK plan for action (net zero, health and wellbeing, and next generation digital technologies).
You must be able to show that you:
- need public funding
- can cover interest payments
- will be able to repay the loan on time
Round 20 is now open and will close on 7 May 2025.
The funding available will be allocated across a series of competitions with the next round opening on the day after the previous round closes:
- Round 21 will open on 8 May 2025 and will close on 2 July 2025
- Round 22 will open on 3 July 2025 and will close on 27 August 2025
For further information please select the following link: Innovate UK innovation loans future economy: Round 20 - Innovate UK Business Connect
Innovation can help your business become more competitive, increase sales and enter new markets.
Our business innovation content is designed so that you can find out what support and funding is available to help you innovate. We can help you to invest in research and development (R&D), introduce new techniques and technologies in design and manufacturing, protect your assets through intellectual property (IP) rights, and access facilities and expertise in universities and colleges: Develop innovative ideas for organisations, products or services | Business Wales