Government backs innovative businesses with new £150m loan scheme

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Innovate UK has introduced a new three-year programme of innovation loans, offering businesses up to £150 million to support their research and development projects.

Innovate UK is the UK’s national innovation agency. Part of UK Research and Innovation, it supports business-led innovation in all sectors, technologies, and UK regions.

Innovate UK has introduced a new three-year programme of innovation loans, offering businesses up to £150 million to support their research and development projects. Innovate UK is the UK’s national innovation agency. Part of UK Research and Innovation, it supports business-led innovation in all sectors, technologies, and UK regions. Innovation loans are designed to support suitable businesses in carrying out late-stage research and development projects, with a clear route to commercial success to drive productivity and growth across the UK. The loans are part of the Government’s plan to build on the measures outlined last year in its innovation strategy. The measures enable UK innovators to access the right finance at the right time in order to grow. It builds on our world-leading research capability and helps to secure the UK’s position as a science superpower. Announcing the new innovation loans programme in March 2022, Science Minister George Freeman said:

Innovation loans are designed to support suitable businesses in carrying out late-stage research and development projects, with a clear route to commercial success to drive productivity and growth across the UK.

The loans are part of the Government’s plan to build on the measures outlined last year in its innovation strategy.

The measures enable UK innovators to access the right finance at the right time in order to grow.

It builds on our world-leading research capability and helps to secure the UK’s position as a science superpower.

Announcing the new innovation loans programme in March 2022, Science Minister George Freeman said:

What are innovation loans for?

The loans will prioritise projects focused on the most important areas of the future economy as set out in the Innovate UK plan for action such as:

  • innovations deemed to have the strongest potential to support future economic growth and tackle social challenges such as net zero, health and wellbeing, and next-generation digital technologies
  • the ‘seven technology families’ of the innovation strategy: advanced materials and manufacturing, engineering biology, electronics, sensors, photonics and quantum, robotics, and smart machines.

Businesses with innovative late-stage research & development projects can apply for a loan between £100,000 and £2 million, with flexible terms to help secure their future growth and commercial success.

For more information, please visit the Innovate UK website.

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