Innovate UK SME Loan Funding Announced
Posted on in Business News, Cycles News
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.
BEIS 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 four competitions with the next round opening on the day the previous round closes. The final round 4 will close on 13 July 2022.
- round 1 opens 10 March 2022 (this competition)
- round 2 opens 14 April 2022
- round 3 opens 12 May 2022
- 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.
Find out more about how to get started here.
Useful links
If you have any other queries please contact us.
