Funding news - 09/11/2017
IUK Announces £10 Million Innovation Loans Infrastructure Systems Funding Competition for UK SMEs
Loans are being provided to UK SME businesses to commercialise innovative technologies in infrastructure systems projects.
The aim of this new Innovate UK (IUK) competition is to offer loans to help small and medium-sized enterprises (SMEs) overcome barriers to scaling up innovation in infrastructure systems. It will enable businesses to demonstrate first commercial deployment at scale and take their innovations to market by proving that:
- the innovation delivers the expected outcomes;
- there is a clear market opportunity for the business; and
- applicants are ready to scale up their business and their innovation.
Projects must show significant late stage innovation and clearly show how they are working with end users and problem owners. Projects should be in one of the following priority areas:
- Smart infrastructure
- Urban living
- Energy supply and systems
- Connected transport
Projects should focus on later stage R&D activities classified as experimental development. IUK expects applicants to be able to show a clear route to commercial success for their project and to demonstrate that the solution delivers the real world outcome it was designed for.
IUK has allocated up to £10 million to make loans to suitable SMEs to fund innovation projects in this competition. It will offer individual loans of between £100,000 and £1 million; however, it may consider larger loans on an exceptional basis.
This is a First of a Kind loans competition for infrastructure systems and it is open to applications from UK-based SMEs carrying out a project in the UK.
The final date for registrations is midday on 10 January 2018. Full applications will need to be submitted by midday on 17 January 2018.
Source: Innovate UK, 08/11/2017