Access to finance is one of the main challenges facing businesses, particularly when cash is required to fund new innovative ideas. Innovate UK, as part of UK Research and Innovation, is offering up to £10 million in loans to help small and medium-sized companies (SMEs) to commercialise innovative products or services.
In order to qualify for an innovation loan, your business must have established a game-changing idea that is in its late stage of development. The aim of the competition is to help businesses who could not obtain finance from other sources to overcome the barriers to their cutting-edge ideas becoming sustainable commercial products.
Loans of between £100,000 and £1 million are available and projects can last up to 5 years with the loan being repaid over up to 10 years.
As with any loan application, applicants must demonstrate they have a strong and deliverable business plan, as well as the necessary skills and experience to run and complete the project successfully and on time. In addition, you will need to have an awareness of all the main risks the project will face, sound and practical financial plans and timelines that represent good value for money, and a clear plan to deliver growth through commercialisation.
The competition deadline for applications is midday on 27 November 2019 – further details can be found here.
If you operate or plan to start a technology business, talk with our Head of Technology, Innovation & Growth, Pippa Clarke, to establish what tax and funding options are available.