£150 Million Innovation Loans Scheme: A Guide
The government has launched a new scheme for small to medium businesses worth £150 million. This is thought to increase innovation and enhance productivity across the economy.
The aim is to bring jobs, growth and prosperity to all parts of the UK.
The strategy focuses supporting businesses by making the most of the UK’s research, development and innovation processes.
What’s it all about?
The Government’s vision for the UK, is to be a global hub for innovation. To achieve this aim, they set out plans against 4 key pillars.
The 4 pillars are:
- Unleashing business – “we will fuel businesses who want to innovate”.
- People – “we will make the UK the most exciting place for innovation talent”.
- Institutions and places – “we will ensure our research, development and innovation institutions serve the needs of businesses and places across the UK”.
- Missions and technologies – “we will stimulate innovation to tackle major challenges faced by the UK and the world and drive capability in key technologies”.
These pillars aim to establish the right underlying policy environment and clearly signal those areas where the government will take the lead.
Loans can be for between £100,000 and £2m.
How can you apply?
Innovate UK will deliver the loans through a series of “competitions” over the next three years. This is to support small and medium-sized businesses (SMEs) and level up the UK.
The first “competition” has now opened for applications.
Innovation loans: Future Economy competition – round 1
For the first competition, Innovate UK is offering up to £25 million in loans to micro businesses and SMEs.
The funding will be allocated across four consecutive rounds. The next round opening on the day the previous round closes:
- 1st Round – opened 10 March 2022
- 2nd Round – opens 14 April 2022
- 3rd Round – opens 12 May 2022
- 4th Round – opens 9 June 2022 and closes 13 July 2022
You can find more details on the Innovate UK website.