Following an extended pilot programme, the government has launched a new series of innovation loans worth £150 million.
Innovate UK will deliver the loans through a series of competitions over the next three years to support small and medium-sized businesses (SMEs) and level up the UK.
The first competition has now opened for applications.
Innovation loans: Future Economy competition - round 1
As part of the first competition, Innovate UK is offering up to £25 million in loans to micro businesses and SMEs.
The funding will be allocated across a series of four consecutive rounds with the next round opening on the day the previous round closes:
• round 1 - opened 10 March 2022
• round 2 - opens 14 April 2022
• round 3 - opens 12 May 2022
• round 4 - opens 9 June 2022 and closes 13 July 2022
See: UK Innovation Strategy: leading the future by creating it - GOV.UK (https://www.gov.uk/government/publications/uk-innovation-strategy-leading-the-future-by-creating-it)