Innovate UK Innovation Loans

Innovate UK Innovation Loans is a government-backed lender in the UK. Innovate UK loans of £100,000 to £5 million, covering up to 100% of eligible project costs, for single UK SMEs with highly innovative late-stage R&D projects in six Industrial Strategy sectors. Applications start with an expression of interest that has no submission deadline.

What it offers

• “You can get a loan of up to 100% of your eligible project costs. Loans can be between £100,000 and £5 million.” — iuk-business-connect.org.uk
• “Innovation loans aim to provide flexible and patient capital to support business growth through innovation.” — ukri.org
• “Interest will be charged at 3.7% per annum on the drawn amounts.” — iuk-business-connect.org.uk
• “An additional 3.7% per annum in deferred interest will also accrue on the principal but will not be payable until the repayment period begins.” — iuk-business-connect.org.uk
• “Interest will be charged at 7.4% per annum on the outstanding loan balance.” — iuk-business-connect.org.uk
• “You will be required to pay interest at the rate set out in the competition brief for the competition you're applying into on the amount that you borrow.” — ukri.org
• “changes have been introduced to the Innovation Loans programme” — iuk-business-connect.org.uk
• “Projects can last up to five years, including both the R&D and pre-commercialisation phases.” — iuk-business-connect.org.uk

Who can apply

• “Only single UK-registered SMEs may apply for an innovation loan.” — ukri.org
• “Innovate UK innovation loans are for highly innovative late stage research and development (R&D) projects with the best potential for the future.” — iuk-business-connect.org.uk
• “Innovation loans are not for earlier stages of research and development, such as activities covered under the categories of fundamental research or feasibility studies.” — ukri.org
• “Note: Financial Services, and Professional and Business Services sectors are not in scope for Innovation Loans.” — iuk-business-connect.org.uk
• “Individuals, large companies, not for profits, charities, academic institutions, and research organisations are not eligible for innovation loans.” — iuk-business-connect.org.uk
• “This is an Expression of Interest (EOI) for an Innovation Loan. If your EOI is approved, you will be invited to submit a full application.” — iuk-business-connect.org.uk
• “Your project must focus on at least one of the following six Industrial Strategy Sectors” — iuk-business-connect.org.uk
• “There is no submission deadline” — iuk-business-connect.org.uk

Stages

Growth

How to apply

Apply or read the rules on the official site.

About this listing

TrustList compiled this listing from Innovate UK Innovation Loans's official pages in September 2026. The quotes above are its own words. Amounts, deadlines and eligibility rules change, so check the official site before you rely on them.