By July 11, 2019 Read More →

Innovation loans offer a share of £10m funding

Micro, small or medium sized enterprises can apply for a share of £10m in funding for highly innovative, late stage projects with game-changing ideas and concepts. Loans of between £100,000 and £1 million are available per project.

Projects should develop new products and services, or highly innovative uses of existing ones, that are significantly advanced of anything currently used. These can come from any technology and in any part of the economy, as long as they are sufficiently disruptive. Projects must focus on commercialisation, growth or scale-up, and priority will be given for projects likely to lead to growth in productivity.

Projects must show: a clear game-changing idea; how the idea can lead to innovative products, processes or services significantly ahead of the current field; and practical financial plans

Loans will be declined for businesses that are considered unable to afford the interest and repayments on the loan. Briefing events will be held throughout July in Brighton, Birmingham, London, Daresbury and Sheffield where organisations can find out more about the competition and the process of applying. The registration close date is 11 September 2019.

Loans will cover up to 100% of eligible project costs. They are described as having favourable terms (particularly a below-market rate of interest) so the value of this benefit over the life of the loan will be the equivalent of a grant and will be a form of state aid. For experimental development projects this grant equivalent, as a proportion of the eligible project costs, can be up to 45% for micro or small businesses and up to 35% for medium-sized business.

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