Innovate UK is offering up to £210 million in business support loans for SMEs facing financial difficulties in funding innovation projects due to COVID-19.

The loans are available for projects at various stages of completion, across the following strands:

  • Stand 1: live projects with an Innovate UK award
  • Strand 2: new projects following on from an Innovate UK funded project completed in the last 36 months
  • Strand 3: continuing, completing or follow on projects without Innovate UK funding

The aim of these loans is to assist applicants in running highly innovative projects with a clear route to commercialisation and economic impact. In doing so, this scheme focuses on supporting the development and/or innovative use of new or existing products, processes and services.

Funding rate:

Loans of between £250,000 and £1.6 million are available.

Deadline:

The closing date for applications is 14 January 2021.