Innovate_UK has announced it will begin piloting of innovation loans. Targeted to later state research and development project the will sit alongside Innovate’s well established innovation grants.
The often hidden enabling nature of photonics, and the rapid pace of photonics innovation means it can be difficult for photonics companies and those applying the latest photonic solutions to access loan finance, especially in improving manufacturing productivity. Loans from Innovate should help bridge the gap where traditional finance is not available, to finish development or adopt the latest photonics innovations.
Loans period can be up to 10 years and cover £100,000 to £1million. In the pilot there will be 5 loan ‘competitions’ in specific themed areas distributed over the next 2 years. Interest rates will be set at the start of each competition using a discount rate set by Treasury – currently 3.7%,
A number of briefings on Innovation loans are/have taken place around the country, with additional guidance from Innovate. When made publicly available links to webcasts of these events will be updated.
Newcastle – 26 Oct 2017
London – 30 Oct 2017 – webcast
Manchester – 31 Oct 2017
Glasgow – 1 Nov 2017
Birmingham – 2 Nov 2017
Cardiff – 6 Nov 2017 –
Belfast – 7 Nov 2017