Entrepreneurs which are ready to take their product to the market can now apply for a Government-backed loan up to the value of £1 million.
The loan, financed through the publically funded Innovate UK scheme, can be used to help businesses turn their products or services into a “commercial reality”.
Innovate UK said it is looking for projects that are in the “later stages” of development from any area of technology and industry sector, providing it leads to gains in productivity and sustainable business growth.
To successfully apply for a loan, you must demonstrate that your business plan is A) game-changing and market disrupting, B) shows that your product or service is “significantly ahead of others and works in real-life environments”, and C) outlines a market opportunity and represents value for money through your financial plans and timelines.
To add to this list, you must have already assembled a skilled and experienced team to guide your product to market, be able to deliver a return on investment and have carried out due diligence in terms of risk management and minimisation.
The innovation loans are among the first to be included as part of a two-year pilot programme designed to “plug gaps in late-stage funding” which are potentially holding back further development, productivity and growth.
A total of £50 million will be available for entrepreneurs, with loans ranging from £100,000 to £1 million.
The deadline for applications is midday on 14 November 2018. Entrepreneurs wishing to apply for a loan can do so here.
To find out more about the wide range of company and commercial services Palmers Solicitors can provide, click here.