News

27 Mar 2018

£10 million innovation fund launched for small UK companies

UK business owners will soon be able to apply for innovation loans worth up to £1 million to fund late-stage projects with strong commercial prospects.

Britain’s innovation agency, Innovate UK, plans to invest up to £10 million into game-changing projects from small or medium-sized enterprises (SMEs).

Successful projects will have a clear route to commercialisation and economic growth for the business and the UK economy.

A statement from Innovate UK read, “The programme recognises that innovations need different types of funding support. It offers flexible, low-interest loans for innovation projects that are nearer to market than those which typically receive grant funding.”

Only single, UK-based business owners can apply and successful applicants will be offered between £100,000 and £1 million.

Projects must aim to develop new products, processes or services that are ahead of others in the field and be classified as late-stage experimental development.

Ideas can be in any technology area, including the arts, design media and creative industries, as long as they last a minimum of five years.

More information:

• The competition will open on April 9 2018 and the deadline of registration is midday June 6 2018
• A number of briefing events will be held across the UK throughout April and May 2018
• To find out more about the competition, click here

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