Eligibility

• Must demonstrate a need for public funding, ability to cover interest payments, and capacity to repay the loan.

Project Size

• Loans range between £100,000 and £2 million.

Accessibility and Inclusion

• Open to all, with encouragement for applications from under-represented communities and regions.
• Support available for those with disabilities or long-term conditions.

Proposal Requirements

• Clearly expressed and compelling innovative idea.
• Robust business plan with market potential evidence.
• Skilled team to successfully complete the project.
• Awareness and management plans for risks.
• Practical financial plans with good value for money and repayment ability.
• Justification for funding necessity.
• Clear plan for significant economic impact and ROI post-project.

Project Activities

• Can include prototyping, demonstrating, piloting, testing, validation in real-life conditions.

Evaluation Criteria

• Quality of the project proposal and suitability of the business to take on a loan.

Portfolio Approach

• Aiming for a variety of projects across different technologies and markets, particularly those aligning with future economy areas in the Innovate UK plan.

Specific Themes

• Projects should focus on areas like Net Zero (energy, industrial processes, emissions), Health and Wellbeing (tackling ill health, enhancing wellbeing, diet), and Next Generation Digital Technologies.

Research Categories

• Only funding experimental development projects.

Exclusions

• Not providing grant funding.

• Won't fund commercial activities like marketing and sales.
• Can't fund projects dependent on export performance or domestic inputs usage.

Contact Information

• Innovate UK can be contacted for guidance via email or at 0300 321 4357.

Key Takeaways

• This is an opportunity for SMEs with late-stage innovative R&D projects that have strong commercial potential and can significantly improve the UK economy.
• The loan aims to help businesses overcome barriers to commercialisation.
• Applications should be well-prepared, demonstrating the innovation, business plan, team capability, risk management, financial planning, and potential economic impact.