The loans programme will broaden the financial support available to companies, ensuring they can access funding at all stages of innovation.
Some of the UK’s innovative companies will benefit from a new scheme that offers up to £150 million to support the business’s research and development projects. The government announced on the 10th of March that the plan would be available to small and medium-sized enterprises (SMEs).
Businesses with innovative late-stage projects can apply for loans with a flexible repayment term – this allows companies to borrow £100,000 – £2M. The funding will be delivered through Innovate UK and prioritise projects focused on the economy’s most important areas. You can apply for funding here. The funding rounds close on the 13th of April 2022.
The scheme is part of the Government’s plan to build on the measures outlined by the Innovation strategy that will enable UK innovators to access the proper financial funding to grow and build on the UK’s research capabilities, securing the UK’s position as a science superpower.
Science Minister George Freeman states:
“Supporting our talented innovators, not only to develop their ideas but to see these ideas through to commercialisation, will be essential to growing an economy built on the technologies of the future, and securing the UK’s status as a true Innovation Nation….”
After being evaluated, the decision to transition the scheme from pilot to a full-scale programme followed the scheme’s success. It was found that the pilot was incredibly effective and that the innovation loans programme is viewed as a critical finance product in the market as it provides essential funding that is not available elsewhere.
For more information on innovative loans, check out the HMRC website.