Innovation Loans Future Economy competition - round 3

News article

UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy

Innovate UK is offering up to £25 million in loans to micro, small and medium - sized enterprises (SMEs). Loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.

Your project must lead to 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.

Innovate UK are particularly interested in projects that focus on 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

You can apply for a loan of between £100,000 and £2 million to fund your project's eligible costs. Projects can last up to 5 years, including both the R&D and commercialisation phases. Projects are expected to start by July 2022.

The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes. The final round 4 will close on 13 July 2022.

  • round 3 opens 12 May 2022 (this competition)
  • round 4 opens 9 June 2022

Find out more about the current round of Innovation Loans.

First published 12 May 2022