Innovation Loans from Innovate UK are available for micro, small and medium sized businesses (SMEs). In the words of Innovate UK:
“Innovate UK innovation loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future. There must be a clear route to commercialisation and economic impact.”
The application process is split into two stages:
- Application Phase: Applicants must submit: 1) Financial Plan, 2) R&D Plan, 3) Business Plan. These must be submitted by answering specific questions from the funder on their online portal and provided templates.
- Due Diligence Phase: If successful at the Application Phase, applicants must participate in a due diligence process run by the Innovate UK Innovation Loans team. Financial plans, drawdown, repayment capability, financial ratios, etc will be assessed.
