The government is offering up to £10 million in loans to help SMEs develop their big ideas
At Breakthrough Group, ‘cash for innovation’ is our mantra. We believe that if innovative companies are putting their creativity and hard work into ground-breaking projects, they deserve all the financial support they can get – including R&D tax credits.
The government evidently agrees, as Innovate UK has announced a new round of financing to help bright sparks to shine. As part of UK Research and Innovation, the agency is encouraging small businesses to apply for loans of values from £100,000 to £1 million.
Finance can be hard to come by when you’re a small business that wants to scale up or take a new product to market. Innovate UK says that these loans, which can be repaid over a period of up to 10 years, are designed to be affordable and flexible.
To qualify, you must be an SME with a game-changing idea and the strong business plan, financial timelines, skills and risk awareness to make it work. Your project can last for up to five years and can focus on any area of technology or the economy.
You’ll have to demonstrate a clear plan to grow through commercialisation and also show that you couldn’t get suitable finance from other sources.
Applications open on 23 September and close at midday on 27 November 2019. You can find out more about the competition and apply on the website.
In the meantime, don’t forget that there are other sources of government support available, including R&D tax credits. Get in touch with us on 0800 772 0800 to find out whether your project could qualify.