IUK Innovation Loans

Innovate UK / UKRI

Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises.

What is this programme about?

The Innovate UK Loan is designed for businesses looking to finalise innovation projects (TRL7-9) and lay the foundations for commercialisation at scale. Innovate UK Loans are now in round 16 (at the time of writing in mid 2024) and offer attractive terms including no security, reasonable interest rates (currently between 3.7% – 7.4%) and a 5-7 year repayment period.

Who can apply for an IUK Innovation Loan?

UK-registered micro, small or medium sized businesses (SMEs).

Key Facts

Who can apply

UK-registered micro, small or medium sized businesses (SMEs). Single applicants only.

Funding calls

Innovate UK Loans run several times throughout the year

Purpose

To provide flexible and patient capital for late-stage R&D and scaling.

Technology Readiness Level (TRL)

TRL7 – TRL9

Funding Amount

£100k – £2 million

Funding Rate

Up to 100%

Timeframe

6-8 weeks

Process

Three part. Project questions, information on project finances, and a survey.

What are the key topics or sectors covered?

Aimed at highly innovative late-stage R&D projects with the best potential for the future, with a clear route to commercialisation and economic impact. The project must focus on one or more of the future economy areas included in the Innovate UK plan for action.

Useful Resources

We have collated some useful resources if you are considering applying for an Innovate UK innovation loan:

Innovate UK Overview

7 questions & answers about innovation loans

How to apply

Our R&D Grant Writing Services

We have been writing R&D grants since 2009 with a market-leading success rate. Working on a part up-front, part success-fee basis, we share both the risk and reward with our clients.

Our proven approach:

Lead the entire process

Defining the project, sourcing partners, developing a budget, writing the grant application, developing the work plan, creating appendices, managing partners, submitting the application online, managing compliance, organising the kick-off meeting, financial reporting, technical reporting and project management.

Work collaboratively

If you are lacking expertise in a specific area of the grant application process, we can fill that gap. Perhaps you have deep technical knowledge, but would like support on the market elements. You might have the technical and commercial aspects in hand, but would like support in creating the project budget and work packages. We are flexible.

Improve a past submission

Grant funding is highly competitive. We can lead the process of improving past grant applications to get you over the line.

Expert Review

We spend a few days reviewing / commenting / editing your grant application to lift your score as high as possible.

Funding