Thursday, March 1, 2018

News: £10m for innovative manufacturing projects


Local businesses can find out how to access a £10m loan fund innovative manufacturing or materials projects at an event next week.

The aim of this competition is to provide a loan which will help to micro, small and medium enterprises increase manufacturing readiness. It is being run by Innovate UK, the operating name of the Technology Strategy Board, the UK's innovation agency.

Innovate UK and the Knowledge Transfer Network are hosting a number of briefing events with the Rotherham event being held at the Advanced Manufacturing Park (AMP) on March 8.

Innovate UK is running a pilot programme of loan competitions over two years to the end of 2019. A total of up to £50m is available for business innovation projects. Innovate UK is working to broaden the range of innovation finance support available to businesses, so they can access funding at all stages of innovation.


Innovation loans will offer affordable, patient, flexible, repayable funding for later-stage research & development projects with a clear route to commercial success.

A spokesperson for Innovate UK said: "This is the second loan competition offered under Innovate UK's pilot programme.

"Recognising that innovations need different types of funding support, Innovate UK's pilot is a patient, flexible loan scheme for projects that are nearer to market, where there tends to be less risk involved."

Proposals should focus on the scale-up of recent or ongoing manufacturing process innovation and/or materials development activities. The project's aim should be to enable UK based companies to progress innovative manufacturing or materials developments to commercial readiness.

The competition scope will cover innovations in manufacturing systems, technologies or processes, and/or materials development, properties, integration or reuse. Loans of between £100,000 and £1 million are available. Projects should last up to five years.

The loan competition is open now and the deadline for registration is at midday on April 25 2018.

Innovate UK website

Images: Innovate UK


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