The Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng)

Innovation is central to tackling the largest challenges the world faces, from climate change to global pandemics. The UK must be in the vanguard of the response to these challenges. That is why the Government have placed innovation at the heart of our Plan for Growth including through our Innovation Strategy.

Following a successful extended pilot with businesses including those in clean growth tech, Innovate UK will deliver a new programme of £150 million in flexible, affordable and patient innovation loans over the next three years. Innovation loans will help SMEs to take their late-stage R&D, including in support of net zero, to commercial success so that they can grow and scale through innovation.

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