The Innovate UK Innovation Loans programme is open for applications. UK SMEs can apply for a share of £25 million for innovative, late-stage projects with strong commercial potential.


All projects must lead to new products, processes or services that are significantly ahead of current state-of-the-art solutions. It can also involve a new or innovative business model. Projects should focus on one or more of the following themes and sub-themes:

Net Zero

  • energy
  • impact of industrial processes and use of materials
  • agriculture and food and other sources of emissions
  • capital intensity

Health and Wellbeing

  • tackling ill health
  • enhancing wellbeing
  • diet and food

Next generation digital technologies

Technology families

  • advanced materials and manufacturing
  • artificial intelligence
  • digital and advanced computing
  • bioinformatics and genomics
  • engineering biology
  • electronics, photonics and quantum technologies
  • energy and environment technologies
  • robotics and smart machines

Innovate UK is looking to fund a portfolio of projects and businesses, across a variety of technologies and markets. However, they are particularly interested in projects that focus on the future economy areas included in the Innovate UK plan for action.


Innovation loans can be for between £100,000 and £2 million. Projects must start by 30th January 2023 and can last up to 5 years, including both the R&D and commercialisation phases. Loan recipients must also:

  • Be a UK-registered SME
  • Carry out their project from or in the UK and intend to exploit the project’s results from or in the UK
  • Give evidence that their business is suitable to take on a loan
More Information

Innovation Loans Round 5 is open from 20th July until 14th September. RedKnight has a strong track record of securing Innovate UK funding and can help you develop a competitive application! Please contact us in order to arrange a free consultation.

If you’re looking for grant funding, you may also be interested in Innovate UK Smart Grants.