Last week, Innovate UK announced the launch of a new round of Innovation Loan competitions – with a total of up to £10 million in loans being offered to micro, small and medium-sized enterprises (SMEs).
This competition is the final competition in the £50 million pilot Innovation Loans scheme and is looking to support projects/ proposals:
- Focusing on commercialisation, growth or scale up. Priority is given to proposals likely to lead to growth, gains in productivity and/or access to new overseas markets through export
- From any technology (including arts, design, media or creative industries) and any part of the economy
As a reminder, Innovation Loans are for late-stage research and development (R&D) projects only. A late-stage R&D project is one which builds on a new idea but has not yet reached the point of commercialisation.
Further details of this round of the Innovation Loans competition, including application guidance can be found here.
Some of the key points are outlined below:
To be in scope, your proposal must demonstrate:
- A game-changing, innovative idea that can lead to innovative products, processes or services that are significantly ahead of others in the field
- A strong and deliverable business plan
- 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 will face, with realistic management of these risks
- Innovation loans will not be offered to businesses in difficulty, as defined in the General Block Exemption Regulations (page 26, section 18)
- You could get a loan of up to 100% of your eligible project costs
Key dates for this competition:
- Competition opened: Monday 17 September 2018
- Registration closes: Wednesday 14 November 2018 at 12:00pm
- Competition Closes: 21 Nov 2018 at 12:00pm
In other Innovate UK news…
Last week, Innovate UK announced the opportunity to apply for a share of up to £20 million to deliver game changing or disruptive innovations with significant potential for impact on the UK economy. If you are interested in finding out more about the competition that opens later this month, please click here.