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March 12, 2022 | News

£150m Government loans scheme launched for innovative SMEs

£150m Government loans scheme launched for innovative SMEs

Accelerate your business growth and commercial success with a Government loan of between £100,000 and £2million.

UK SMEs with late-stage innovation projects can apply for R&D support through a new Government loan scheme worth £150million.

Loans will be awarded to projects with the strongest potential to support future economic growth, and tackle social challenges, across fields such as:

  • Net-zero
  • Health and wellbeing
  • Next-generation digital technologies
  • Advanced materials and manufacturing
  • Engineering biology
  • Electronics
  • Sensors photonics and quantum
  • Robotics
  • Smart machines

The funding, delivered through Innovate UK, is offered on flexible repayment terms and will be available for the next three years.

Priority will be given to projects focused on the most important areas of the future economy, as set out in the Innovate UK plan for action.

The loans are part of the Government’s plan to build on its innovation strategy, designed to enable UK innovators to access the right finance at the right time.

The new programme will start with monthly competition rounds, for which applicants will need to demonstrate evidence of:

  • A high-quality proposed innovation project
  • Suitability to take on a loan
  • Inability to access finance for their project from commercial finance providers

Find out more and apply.

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