Innovate UK has launched a new £10 million innovation loan competition for small and medium-sized businesses. Smaller firms can apply for loans of between £100,000 and £1 million for late-stage R&D projects that develop innovative new products and services. Projects must last up to five years and focus on commercialisation and business growth, as well as deliver a significant economic impact and return on investment. The loan competition is part of a two-year pilot which will provide a total of £50 million in loans for innovation projects that are close to market.
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