£12millon worth of innovation loans are being offered to 17 businesses across the UK. They will use the funding to undertake innovative manufacturing and materials research and development projects.
Large innovation loans have been offered to businesses developing innovative manufacturing processes or using new materials in production. The companies will use the funding to carry out R&D projects to scale up production and commercialise the new technologies.
These loans mean that the businesses can receive “patient capital for disruptive businesses”. Therefore companies can build products to the highest standards without any compromise, and can keep all R&D in the UK. With an innovation loan above all, the company can do all of this without an impatient partner demanding instant returns.
Innovate UK’s deputy executive chair and business officer, Simon Edmonds, said:
“Innovation in manufacturing and materials requires finance that understands and accepts the risk in new technologies. We’re excited about the opportunities that innovation loans are now unlocking for UK businesses to invest in the delivery of new products and services in this important sector for the UK economy.
We’ve seen continuing high levels of demand for this new, affordable, flexible and low-interest finance option for innovation. We’re confident it will help potential UK businesses to scale up, create high-value jobs and ultimately accelerate economic growth and improve the quality of life across all regions.”
As a result, Innovate UK introduced its pilot programme of innovation loans to some of the UK’s most innovative businesses to scale. To do this, the programme will help tackle the key issues facing innovative companies. If successful in the competitive application process, businesses can borrow between £100,000 and £1 million.
In conclusion, £10 million is available in the latest innovation loans competition, helping businesses turn their game-changing ideas into a reality. Innovate UK is looking for later-stage projects developing new products or services or using existing ones in an innovative way.
Innovation UK will consider projects from any area of technology or industry, as long as it will lead to gains in productivity or sustainable business growth.