The innovation loan is split into 3 specific phases as follows:
- Project Phase: 12 – 36 months of the R&D project where successful applicants can draw down loan funding as required to cash flow their R&D costs.
- Extension Period: 12 – 24 months of the loan period where the applicant has a ‘holiday period’ during which time, no repayments must be made. Interest is accrued.
- Repayment Period: 12 – 60 months to repay the loan in full + interest.
So, a typical Innovate UK Innovation Loan could run over 60 months, with 18 months of drawdown and R&D work, 18 month holiday period and 24 month repayment period.
- a clear, evidence-based plan to deliver significant economic impact, return on investment (ROI) and growth through commercialisation, as soon as possible after project completion.
