Innovate UK is offering up to £210 million in loans to SMEs and third sector organisations that have a challenge in continuing, completing or following on an innovation project. Loans are for organisations that find themselves facing a sudden shortage or even unavailability of funds resulting directly from the COVID-19 pandemic.
This strand (strand 2) is for applicants who have a new project that follows on from a project with an Innovate UK award that was completed in the last 36 months.
Loans of between £250,000 and £1.6 million are available to fund your project’s eligible costs.
Only single businesses or third sector organisations can receive loans, so collaboration with other organisations cannot be funded in this competition. Projects can last up to 4 years, of which up to the first 2 years can focus on research and development (R&D), and up to 2 further years on establishing a clear route to commercial success. We will require loan repayments over a further period of up to 5 years. However, the overall term of the loan must not exceed 7 years.
The purpose of this competition is to help businesses and third sector organisations overcome barriers to their innovations becoming a successful, commercial reality, particularly where they find themselves facing a sudden shortage or even unavailability of funds resulting directly from the COVID-19 pandemic.
Your proposed project must follow on from a recently completed project supported by an award from Innovate UK ending within the last 36 months. Innovate UK is looking for organisations who can demonstrate that their recently completed projects with Innovate UK have made the best progress in innovation and that their follow-on projects have the best potential for the future.
Seeking applications that show: