The Innovation Loans Expression of Interest (EOI) is the first stage of Innovate UK’s Innovation Loans programme, designed to help UK-registered SMEs access patient finance for late-stage research and development (R&D) projects with strong commercial potential. Unlike traditional grants, successful applicants receive a loan to support the development and commercialisation of innovative products, services, or processes.
Businesses must first submit an Expression of Interest, demonstrating that their project is innovative, commercially viable, and capable of delivering significant economic and societal benefits to the UK. If the EOI is successful, applicants are invited to submit a full Innovation Loan application.
Loans ranging from £100,000 to £5 million are available for experimental development projects that are close to market and have a clear route to commercialisation. Projects can include both R&D activities and eligible pre-commercialisation work, helping businesses bridge the gap between innovation and market adoption.
The programme is open to UK-registered micro, small and medium-sized enterprises (SMEs) only. Applicants must carry out and exploit the project within the UK and demonstrate that their business can afford the loan repayments. Collaborative applications are not eligible, and only single-company projects can be funded.
Innovation Loans are particularly well suited to businesses that have already validated their technology and are preparing for commercial launch or scale-up. Successful applicants are expected to demonstrate strong market demand, a credible commercial strategy, robust financial planning, and the ability to generate long-term economic impact for the UK. As there is no closing date, eligible businesses can submit an Expression of Interest at any time, making this a recurring funding opportunity for companies seeking flexible innovation finance.