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News & Press: News

Innovation loans: apply for Innovate UK open competition

31 May 2018   (0 Comments)
Posted by: Heather Smith
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Innovate UK has up to £10 million in innovation loans for UK-based micro, small and medium-sized enterprises.

This loan competition is for highly innovative late stage projects, with the best game changing and/or disruptive ideas or concepts, and a clear route to commercialisation and economic impact. The deadline for registration is 6th June and for applications is 13th June.

Innovate UK has a dedicated page to Innovation Loans here: 

https://www.gov.uk/guidance/innovation-loans-what-they-are-and-how-to-apply

For more information see the guidance notes here:

https://apply-for-innovation-funding.service.gov.uk/competition/136/overview

Why apply for an innovation loan?

Innovation loans are most useful for innovations near to market, whereas grants are more suitable for earlier stage, riskier innovations.

Loans can be used for late-stage research and development (R&D) projects that have not yet reached the point of commercialisation.

You could borrow between £100,000 and £1 million with an interest rate of 3.7% for a loan period of up to 10 years to cover up to 100% of your eligible project costs.  

But hurry as the deadline is Wednesday 6 June 2018 12:00pm