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This competition is the second in an extension to the pilot Innovation Loans scheme introduced in autumn 2017 through Innovate UK (IUK). Innovation loans will be made through Innovate UK Loans Ltd; a wholly owned subsidiary of IUK.
The scheme aims to provide finance to businesses that is affordable, patient and flexible for projects that have a clear route to commercial success. IUK is to offer loans for highly innovative experimental development projects with the best game changing and/or disruptive ideas or concepts. There should be a clear route to commercialisation and economic impact.
Projects should aim to develop new products, processes or services (or innovative use of existing ones) believed to be significantly ahead of anything similar in the field. Proposals can come from any technology and any part of the economy.
This competition aims to help businesses overcome barriers to the best cutting edge, game changing innovations becoming a successful commercial reality. This includes making a considerable economic impact and/or resulting in significant, sustainable business growth.
There is a total of £10 million available in this competition. Individual loans of between £100,000 and £1 million are available. Projects should last up to five years and are expected to start by May 2020.
The loans are aimed at innovative micro, small and medium-sized businesses in the UK that will be able to manage a loan, but may struggle to access finance from commercial lenders or schemes backed by the British Business Bank.
The competition opens on 23 September 2019 with a deadline for applications of 27 November 2019.
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Source: GRANTfinder an idox solution 4 Local Government
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