Magee Gammon News £150 million innovation loans scheme launched

£150 million innovation loans scheme launched

Following an extended pilot programme, the government has launched a new series of innovation loans worth £150 million.

Innovate UK will deliver the loans through a series of competitions over the next three years to support small and medium-sized businesses (SMEs) and level up the UK.

The first competition has now opened for applications.

Innovation loans: Future Economy competition – round 1

As part of the first competition, Innovate UK is offering up to £25 million in loans to micro businesses and SMEs.

The funding will be allocated across a series of four consecutive rounds with the next round opening on the day the previous round closes:

  • round 1 – opened 10 March 2022
  • round 2 – opens 14 April 2022
  • round 3 – opens 12 May 2022
  • round 4 – opens 9 June 2022 and closes 13 July 2022

See:  UK Innovation Strategy: leading the future by creating it – GOV.UK (

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