Some of the UK's most innovative businesses will benefit from a new series of loans offering up to £150 million to support their R&D projects.

Announced by the Government on 10 March 2022, the scheme will be available to SMEs over the next three years.

The scheme will prioritise projects "focused on the most important areas of the future economy" as set out in the Innovate UK plan for action.

Businesses with innovative late-stage projects can apply for loans worth between £100,000 and £2m with "flexible repayment terms".

The Government-backed finance builds on the success of an extended pilot programme delivered by Innovate UK Loans Limited since 2017.

Indro Mukerjee, CEO of Innovate UK, said:

"Innovation loans are an important part of the investment support that Innovate UK offers to help UK businesses achieve their growth ambitions.

"We have tested this new form of support rigorously and I am pleased that we can now offer £150 million over the next 3 years through innovation loans as part of our commitment to support innovative businesses to grow rapidly and achieve scale."

Businesses can apply for funding through the innovation funding service.

Talk to us about seeking finance for your business.