Micro, small or medium-sized enterprises (SMEs) can apply for a share of £10 million in loans to support cutting-edge innovations become successful commercial realities. Loans can be between £100,000 and £1 million.
The funding should be used to develop new products and services, or highly innovative uses of existing ones.
Projects must show:
- a clear game-changing idea
- how the idea can lead to innovative products, processes or services significantly ahead of the current field
- practical financial plans
Applications can come from any technology and in any part of the economy, as long as they are sufficiently disruptive. Projects must focus on commercialisation, growth or scale-up, and priority will be given for projects likely to lead to growth in productivity.
Previous successful applicants of Innovation Loans include:
- Callaly, a new feminine hygiene care product manufactured entirely in the UK which has had further success following their loan
- Ashwood Electric Motors, creating smaller, lighter and more efficient permanent magnet electric motors
- The Electrospinning Company, making clinical-grade biomaterials
The funding is being made available through Innovation UK and applicants need to register for the funding by the 11th September 2019.
If you need more information, email firstname.lastname@example.org or call the competition helpline on 0300 321 4357 between 9am and 5:30pm, Monday to Friday.