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Innovation Continuity Loans: Strand 2

Opens:
2/9/2020
Closes:
30/9/2020
Sectors:
All
Covid
Project Size:
£250,000 - £1.6 million

Summary


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.


Eligibility

Applicants must:

  • Be a UK registered SME or third sector organisation
  • Have successfully completed a project supported by an Innovate UK award in the last 36 months
  • Carry out your project in the UK
  • Intend to exploit the results from or in the UK
  • Give evidence that your organisation is suitable to take on a loan
  • Individuals, academic institutions, research organisations and large companies are not eligible for innovation loans


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.


Scope

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:

  • An appropriate and evidenced loan request
  • A clear route to commercial success with clear, considerable potential to make a significant and positive impact on the UK economy and/or productivity
  • Realistic, significant potential for global markets
  • A strong management team
  • A strong rationale for how your project enhances the output of a recently completed project supported by an award from Innovate UK
  • Evidence of impact from the COVID-19 pandemic such as reduced access to capital, cancelled orders or increases to your costs
  • Why you are unable to fund the project from your own resources or other forms of public or private-sector funding amidst the current financing disruptions caused by the COVID-19 pandemic
  • That this funding will enable the project to be carried out despite the impact of the COVID-19 pandemic


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