Innovate UK Innovation Loans – Round 24
Award: Share of up to £25 million
Programme: Innovate UK
Opens: 23rd October 2025
Closes: 7th January 2026
Overview
Innovate UK, part of UK Research and Innovation, is offering innovation loans to micro, small and medium sized enterprises (SMEs). These loans support highly innovative late-stage R&D projects with the best potential for the future, where there is a clear route to commercialisation and economic impact.
Loans are aimed at close to market innovative projects with strong commercial potential that will significantly improve the UK economy and drive societal benefit.
Eligibility
You can apply for a loan between £100,000 and £5 million to fund your project. Projects can last up to five years, including both the R&D and pre-commercialisation phases. Projects are expected to start from 1 May 2026, but the exact start date and first drawdown depend on the final credit decision and loan documentation.
To receive an innovation loan for a new project you must:
- Be a UK-registered micro, small or medium-sized enterprise (SME)
- Carry out your project from or in the UK
- Intend to exploit the results from or in the UK
- Provide evidence that your business is suitable to take on a loan
Award & Project Duration
- Award: Share of £25 million.
Loan structure:
- Two phases: Project period, up to 5 years. Repayment period, up to 5 years.
- Total loan term must not exceed 7 years
Key Dates
- Closes: 7 January 2026
