North East innovation loans competition briefing
The purpose of the briefing event is to provide vital information to enable businesses to decide if an innovation loan is appropriate for them and, if so, to develop a clear and compelling application that shows that they have an innovative project and are suitable for a loan.
Innovate UK is running a pilot programme of loan competitions over 2 years to the end of 2019. A total of up to £50 million is available for business innovation projects. Innovate UK is working to broaden the range of innovation finance support available to businesses, so they can access funding at all stages of innovation. Innovation loans are for UK small or medium-sized enterprises (SMEs) that want to scale up and grow through innovation, developing new or improved products, processes or services.
They can be used for late-stage research and development (R&D) projects, which have not yet reached the point of commercialisation. Innovate UK is to offer up to £10 million in loans to SMEs for innovative manufacturing or materials projects. The aim of this competition is to provide loans to help SMEs increase manufacturing readiness. Innovation loans will offer affordable, patient, flexible, repayable funding for later-stage research & development projects with a clear route to commercial success.
The competition scope will cover innovations in: manufacturing systems, technologies or processes, and/or materials development, properties, integration or reuse. Proposals should focus on the scale-up of recent or ongoing manufacturing process innovation and/or materials development activities. The project’s aim should be to enable UK based companies to progress innovative manufacturing or materials developments to commercial readiness.