Innovation Loans: Expression of interest now open
SMEs can now submit an expression of interest for innovation loans of between £100,000 and £5 million to support late-stage R&D projects with strong commercial potential.
Loan funding for innovative research and development (R&D) projects
Innovate UK is inviting expressions of interest (EOIs) from UK-based micro, small and medium-sized businesses for its Innovation Loans programme. The loans are designed to support highly innovative, close-to-market projects that can deliver economic growth and societal benefit.
Loans from £100,000 to £5 million are available for projects of up to five years, including both R&D and pre-commercialisation phases. Loans can cover up to 100% of eligible project costs.
What the loans can fund
Projects must focus on experimental development and lead to innovative products, processes or services. They must align with at least one of the following Industrial Strategy sectors:
- advanced manufacturing
- clean energy
- creative industries
- digital and technologies
- defence
- life sciences
Financial services and professional or business services are not eligible.
Eligibility
You can express your interest if you:
- are a UK-registered micro, small or medium-sized enterprise (SME)
- will carry out and exploit your project in the UK
- can demonstrate the need for public funding
- can cover interest payments and repay the loan on time
Individuals, large companies, charities, academic institutions and research organisations are not eligible. Only single businesses can apply - collaborative projects are not funded under this scheme.
How to apply
There is no deadline. You can submit an expression of interest at any time.
Before applying, read the Innovation Loans guidance and consider watching the recorded webinars from Innovate UK Business Connect.
If your EOI is approved, you will be invited to submit a full application.
First published 24 June 2026