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Loans for innovative late-stage R&D projects
Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear path to commercialisation and economic impact.
Your project should lead to new products, processes or services that are significantly ahead of others currently available or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model.
Your project must focus on one or more of the future economy areas included in the Innovate UK plan for action.
You must be able to show that you
- need public funding
- can cover interest payments
- will be able to repay the loan on time
You can apply for a loan of between £100,000 and £2 million to fund your project’s eligible costs. Projects can last up to five years, including both the R&D and commercialisation phases.
The funding available will be allocated across a series of competitions with the next round opening on the day the previous round closes.
Round 21 is currently open for applications until Wednesday 2 July 2025.
Find out more about the current round of Innovation Loans.
Potential applicants can join a series of online events, starting with a briefing on 21 May 2025, followed by deep dive financial workshops on 28 May, 2 June and 4 June 2025. Registration is required for all sessions.
First published 12 May 2025
