One of 17 businesses backed in the second round of innovation loans for innovative manufacturing processes and materials. The companies will use the funding to carry out R&D projects as part of plans to scale up production and commercialise new technologies.
The Electrospinning Company has just moved into purpose-built clean-room facilities on the growing Harwell Science and Innovation Campus and will use this loan to fund manufacturing process innovation for the scalable manufacture of novel biomaterials.
Innovate UK is running a pilot programme of loan competitions over 2 years to the end of 2019. A total of up to £50 million is available for business innovation projects. Simon Edmonds, deputy executive chair and business officer at Innovate UK, said: “Innovation in manufacturing and materials requires finance that understands and accepts the risk in new technologies, so we’re excited about the opportunities that innovation loans are now unlocking for UK businesses to invest in the delivery of new products and services in this important sector for the UK economy.
We’ve seen continuing high levels of demand for this new, affordable, flexible and low-interest finance option for innovation and we’re confident it will help potential UK businesses to scale up, create high-value jobs and ultimately accelerate economic growth and improve the quality of life across all regions.”
Innovate UK introduced its pilot programme of innovation loans to some of the UK’s most innovative businesses to scale. To do this, the programme will help tackle the key issues facing innovative companies. If successful in the competitive application process, businesses can borrow between £100,000 and £1 million.