Innovative UK offers loans up to £25 million to micro, small, and medium-sized businesses (SMEs). Loans are given to extremely cutting-edge, late-stage research and development (R&D) initiatives with the greatest future potential. A clear path to commercialization and economic impact ought to exist.  

Your project must yield in new innovative products, processes, or services that are far improved to those already on the market, or it must suggest an innovative use of an already existing products, processes, or services. Additionally, an innovative or creative business plan might be used. Your project must be centred on at least one of the future economy sectors included in the Innovate UK action plan. 

You must be able to show that you: 

  • need public funding 
  • can cover interest payments 
  • will be able to repay the loan on time 

The available funds will be allocated among series of competitions, with the following round commencing on the day the preceding round concludes. 

To fund your project’s eligible costs, you can apply for a loan between £100,000 and £2 million. The entire project, including the R&D and commercialization phases, may take up to 5 years. Beginning of projects are expected by September 1, 2023. 

  • 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 
  • give evidence that your business is suitable to take on a loan 


Competition opens: Friday 13 January 2023 

Competition closes: Wednesday 8 March 2023 11:00am


More Information:  

The applications are open until Wednesday 1 March 2023 11:00am. For more information and registration, please check here. 

RedKnight has a strong track record of securing Innovate UK Smart Grants and can help you develop a competitive application! If you would like help putting together a competitive proposal, please contact us today.