UK SMEs can access loans that are affordable, patient and flexible for late stage innovation projects that have a clear route to commercial success.

Innovate UK (IUK) is offering loans to help micro, small and medium-sized enterprises (SMEs) overcome barriers to their innovations becoming a successful, commercial reality. The aim is to make a considerable economic impact which results in significant, sustainable business growth.

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.

Projects 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. They can also involve a new or innovative business model.

IUK allocated up to £25 million to fund projects across several rounds of this competition. This is the final round. Loans of between £100,000 and £2 million are available, based on project proposals and IUK’s judgement of the suitability and affordability of a loan for the business.

IUK will fund experimental development projects that can include prototyping, demonstrating, piloting, testing and validation. Projects must focus on one or more of the following themes.

• Net Zero
• Health and wellbeing
• Next generation digital technologies
• Technology families

To receive an innovation loan for a new project, applicants must be a UK registered SME carrying out a project from or in the UK.

Round Eight (the final round) is now open with a deadline for applications of 8 March 2023 (11:00 GMT).

How To Apply

The final round (round 8) is open from 13 January 2023 until 8 March 2023.

Applications are made online. More details can be accessed at the Innovate UK website