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Innovation Loans

Innovation Loans Round 23

Funds United Kingdom late-stage ventures with long-term patient government loans.

ClosedInnovate UKUnited Kingdom
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About

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…

What this grant funds

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.

Key facts
CycleiHow often this grant runs — e.g. annually, on a rolling basis, or a one-off call.Multiple per year
Next deadlineiThe next date applications are due. Rolling means you can apply any time.—
Decision timeiTypical time from the deadline to the funder's decision.—
Project durationiHow long the funded work is expected to run.—
Award typeiThe form of funding — grant, equity, loan, tax credit, etc.Loan
Match fundingiThe share of project costs you must cover yourself. 0% = fully funded.0%
Funding pooliThe total budget available across all awards in this round.£25M
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Eligibility criteria

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Timeline

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Last verified: 22 Jul 2026Source: apply-for-innovation-funding.service.gov.uk