Innovate UK is offering up to £25 million in loans to micro, small and medium sized enterprises (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.

Your 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.

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

You must be able to show that you:

• need public funding
• can cover interest payments
• will be able to repay the loan on time

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 will open on 27 June 2024 and will close on 21 August 2024(this round)
• 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

In applying to this competition, you are entering into a competitive process.

This competition closes at 11am UK time on the deadline stated in this Innovate UK competition brief. We cannot guarantee other government or third party sites will always show the correct competition information.