The Government have today announced a number of loan competitions worth up to £150 million to support research and development projects from the UK’s most innovative businesses. Funded by Innovate UK, the scheme aims to supports projects which are determined to have the greatest chance of bolstering future economic growth while concurrently tackling social challenges.

The Government views this initiative as key to supporting the plans set out in the Innovation Strategy, which was released last year, and deliver on its promise of securing the UK’s position as a global life sciences superpower.

Businesses with innovative late-stage projects can apply for a loan between £100,000 and £2 million, with the Government providing flexible repayment terms to help guarantee sustainable future growth. Monthly competition rounds will begin the process, with applicants needing to demonstrate a polished and innovate proposed project, the suitability to take on a loan, and evidence that the company is unable to fund the project through traditional commercial means.

Science Minister George Freeman said: “Supporting our talented innovators… will be essential to growing an economy built on the technologies of the future, and securing the UK’s status as a true Innovation Nation”

The funding will be available for the next 3 years to SMEs and businesses can apply here. The full press release can be viewed here.