Innovate UK is to offer up to £10m in loans to micro, small and medium enterprises (SMEs) for innovative manufacturing or materials projects.
The aim of this competition is to provide a loan which will help SMEs increase manufacturing readiness.
This applies to innovations in manufacturing systems, technologies or processes, and/or materials development, properties, integration or reuse.
Proposals should focus on the scale-up of recent or ongoing manufacturing process innovation and/or materials development activities.
The project’s aim should be to enable UK based companies to progress innovative manufacturing or materials developments to commercial readiness.
Projects should last up to 5 years, of which up to 3 years can focus on research and development (R&D), and up to 2 more years to establish a clear route to commercial success. Loan repayments will be required over a further period of up to 5 years.
Businesses must be able to show that they:
- can cover interest payments
- will be able to repay the loan on time
- need public funding
For more information, click here.
Get insights like this delivered straight to your inbox
5 Digital Briefings | 5 Front-of-Mind Topics | 5 Days a Week
- Monday: Manufacturing Innovation
- Tuesday: Manufacturing Leadership
- Wednesday: Digital Transformation
- Thursday: Industrial Automation
- Friday: Industrial Internet
Sign up for free here.