Innovation Loans: Manufacturing and Materials Readiness Funding

Published: 22 February 2018 by KTN
Innovate UK Announces Innovation Loans: Manufacturing and Materials Readiness Funding Competition Innovate UK (IUK) is to offer up to £10 million 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 five years, of which up to three years can focus on research and development (R&D), and up to two more years to establish a clear route to commercial success. Loan repayments will be required over a further period of up to five years. Loans of between £100,000 and £1 million are available for projects lasting up to five years. Interest will be charged at the rate of 3.7% per year on outstanding amounts, payable quarterly in arrears. IUK wants to help SMEs to progress their development of innovative manufacturing and materials technologies with the aim of achieving manufacturing and commercial readiness. This should include:    - capability to produce prototype products or systems in an environment relevant to production at a commercially viable rate or scale;    - evidence that a financeable business with significant market potential can be developed during the commercialisation phase;    - ability to market and sell the resulting products, processes or services, following the commercialisation phase. This competition is open for manufacturing process and materials development innovation from all manufacturing sectors. Loans will be available to fund all or part of the eligible project costs to develop manufacturing readiness in these innovative processes. To take on an innovation loan for a project the business must:    - be a UK based SME;    - carry out the project in the UK. The competition opens on 26 February 2018 and registrations close on 25 April 2018, with full applications invited by 2 May 2018.
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