UK registered businesses can apply for loans for innovative projects with strong commercial potential to significantly improve the UK economy.
Innovate UK is offering up to £25 million in loans to micro, small, and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.
Your project must lead to new products, processes or services that are significantly ahead of others currently available or propose an innovative use of existing products, processes, or services. It can also involve a new or innovative business model.
Innovate UK is particularly interested in projects that focus on the future economy areas included in the Innovate UK plan for action.
You must be able to show that you:
- need public funding,
- can cover interest payments, and
- will be able to repay the loan on time.
The funding available will be allocated across a series of competitions:
- round 10 – opened 15 July 2023,
- round 11 – opens 14 September 2023, and
- round 12 – opens 9 November 2023.
Get in touch now, or find out how we can help you with Innovate grant audits. Our independent experts have many years of experience and success in advising businesses across a wide range of sectors.
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Companies applying for R&D tax credits need to follow the rules carefully in order to maximise their tax relief. New changes to the R&D tax credit scheme come into force from 1st April 2023 aimed at reducing incorrect or fraudulent claims, improving compliance and encouraging UK innovation.
UHY Ross Brooke is delighted to offer a complimentary review of your research and development tax credit process with one of our R&D tax credit specialists. Please fill in the form below for your free review and Tax Relief Guide.