Innovation Loans Expression of Interest

This is an Expression of Interest (EOI) for an Innovation Loan. If an applicant's EOI is approved, they will receive an invitation to submit a full application. The initiative offers financial support to micro, small, and medium-sized enterprises (SMEs) to fund highly innovative, late-stage research and development (R&D) projects. These projects must possess strong commercial potential, a clear route to market commercialisation, and the ability to significantly improve the UK economy while driving societal benefit. Recent changes to the programme provide businesses with greater flexibility to deliver both R&D and pre-commercial activities, alongside an increased maximum loan amount. Projects must lead to innovative new products, processes, or services that are significantly ahead of others currently available, propose an innovative use of existing offerings, or introduce an innovative business model. To qualify, projects must focus on at least one of the following six Industrial Strategy Sectors: Advanced Manufacturing, Clean Energy, Creative Industries, Defence, Digital and Technologies, or Life Sciences. Financial Services, and Professional and Business Services sectors are explicitly excluded from this scope. Applicants are also required to demonstrate that they need public funding, can cover the interest payments, and have the capability to repay the loan on time.