Innovate UK is to offer up to £10 million in loans to SMEs for innovative late stage projects in the last of 5 scheduled competitions in the pilot.

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.

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.

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