Loans to enable the increase in manufacturing readiness of innovations in manufacturing systems or processes and/or materials development, integration or reuse.
Innovate UK is to offer up to £10 million in loans to micro, small and medium enterprises (SMEs) for innovative manufacturing or materials projects.
The aim of this competition is to provide a loan which will help SMEs increase manufacturing readiness. This applies to innovations in manufacturing systems, technologies or processes, and/or materials development, properties, integration or reuse.
Proposals should focus on the scale-up of recent or ongoing manufacturing process innovation and/or materials development activities. The project’s aim should be to enable UK based companies to progress innovative manufacturing or materials developments to commercial readiness.
Projects should last up to 5 years, of which up to 3 years can focus on research and development (R&D), and up to 2 more years to establish a clear route to commercial success. Loan repayments will be required over a further period of up to 5 years.
Businesses must be able to show that they:
- can cover interest payments
- will be able to repay the loan on time
- need public funding
To find out more information or to register online, please click here.