Innovate UK is offering up to £25 million in loans to SMEs.

Innovate UK innovation loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future. There must be a clear route to commercialisation and economic impact.

To be eligible a project must lead to innovative 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.

It must also focus on one or more of the future economy areas included in the Innovate UK plan for action.

Individuals, large companies, not for profits, charities, academic institutions, and research organisations are not eligible for innovation loans. Only single businesses can receive loans, so collaboration with other organisations cannot be funded in this competition.

The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes:

• round 16 (this round) will open on 27 June 2024 and will close on 21 August 2024
• round 17 will open on 22 August 2024 and will close on 2 October 2024
• round 18 will open on 3 October 2024 and will close on 3 December 2024
• round 19 will open on 3 December 2024 and will close on 29 January 2025

For further information visit: Innovate UK innovation loans future economy: round 16 – Innovate UK Business Connect (ktn-uk.org)