Launching Innovation Continuity Loans

Innovation Loans are being provided by Innovate UK (IUK) as a means of finance that is affordable, patient and flexible for later-stage innovation projects that have a clear route to commercial success and economic impact.

The loans are aimed at innovative organisations that will be able to manage a loan, but may struggle to access finance or need to raise funds alongside offers from commercial lenders or schemes backed by the British Business Bank.

The programme will target organisations that have a challenge in continuing, completing or following-on an innovation project and are facing a sudden shortage or even unavailability of funds resulting directly from the COVID-19 pandemic.

IUK is offering up to £210 million through the programme. Individual loans of between £250,000 and £1.6 million are available. Applicants could get a loan of up to 100% of their project costs and other, justified, R&D related costs.

Proposals can use any technology from any part of the economy and projects must focus on commercialisation, growth or scale up. Priority will be given to proposals likely to lead to growth and gains in productivity.

To take on a loan, the applicant must be a UK registered micro, small or medium-sized enterprise (SME) or a third sector organisation struggling to access finance because of the coronavirus pandemic.

The deadline for applications to be received is 2 September 2020 @11am.

For more information