£10m worth in innovation loans are to be allocated. Are you ready?
This open competition concerns loans for game-changing innovations with strong commercial potential that will significantly improve the UK economy. Sounds like your project? Then read on, you have until Wednesday 14th of November to apply!
Loans between £100,000 and £1 million are available and will need to be repaid within 5 years.
NB: the project should start by March 2019 and can last up to 5 years, with up to 3 years for late R&D and 2 years for bringing your innovation to market.
The competition is open to UK-based companies who will carry out the project in the country.
Eligibility is limited to micro, small and medium-sized enterprises as single applicants: research organisations, large companies, and consortiums are not eligible. You can only apply once per competition round.
Moreover, you need to demonstrate clearly your ability to repay the loan and cover interest payments (3.7% per year on outstanding amounts) in time.
How to apply to the funding competition
Innovate UK has produced a guide – which is available here – to help you through the process.
The application is split into three sections:
- project details
- innovation questions
- project finances
How to maximise your chances to get a grant
As specified on the Innovate UK page:
Please note, Innovate UK is not a financial adviser. Please seek independent advice if you are considering applying.
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