Innovation Loans Round 23
Funds United Kingdom late-stage ventures with long-term patient government loans.
Innovation Loans Round 23 is a patient-capital instrument administered by Innovate UK, part of UK Research and Innovation, designed to support UK SMEs undertaking late-stage R&D or commercialisation projects where grant funding alone is insufficient and commercial lending is unavailable. Round 23 carried a total pool of GBP 25 million and closed on 22 October 2025 at 11:00am; subsequent rounds are…
Patient-capital loans of GBP 100,000–5,000,000 for UK SMEs conducting late-stage R&D or commercialisation where grant support is insufficient and commercial lending is unavailable, at 3.7% interest during the project phase and up to a seven-year total term.
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Guides for this application
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