The government has announced a new series of loans worth £150 million, designed to support the UK’s innovative SMEs.

It said the money will help companies that are deemed to have the strongest potential to support future economic growth and tackle social challenges, across fields such as net zero, health and wellbeing, and next-generation digital technologies, as well as advanced materials and manufacturing; engineering biology; electronics; sensors; photonics and quantum; and robotics and smart machines.

The funding, provided by Innovate UK, will be available to SMEs over the next three years.

“As the success of our extraordinary vaccine development and roll-out made clear, the UK is home to some of the most brilliant and innovative minds in the world,” said George Freeman, science minister. “Supporting our talented innovators, not only to develop their ideas but to see these ideas through to commercialisation, will be essential to growing an economy built on the technologies of the future, and securing the UK’s status as a true Innovation Nation.

“So, I am thrilled that after an extremely successful pilot programme, Innovate UK are launching this substantial new series of loans to support SMEs working across the country on the most innovative projects for the future economy, entrenching our position as a science superpower.”

Businesses with innovative late-stage projects can apply for a loan between £100,000 and £2 million, with flexible repayment terms.

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