Innovate UK, the Knowledge Transfer Network and the Enterprise Europe Network are hosting a briefing event for Innovate UK’s second Open innovation loans competition, which is currently open for application here.

Innovate UK is running a pilot programme of loan competitions. A total of up to £50 million is available for business innovation projects, with this being the last of 5 scheduled competitions in the pilot. 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 late stage projects. The aim of this competition is to provide loans to help SMEs to undertake game-changing innovations with strong commercial potential across any sector or industry. Innovation loans will offer affordable, patient, flexible, repayable funding for later-stage research & development projects with a clear route to commercial success. More information can be found here.

The deadline for registration for this competition is 14th November and the application deadline is noon on 21st November 2018.

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.