Cycle 3 of Defence Innovation Loans now open | Mirage News

Posted on October 24, 2021 by Design in Design Innovation | 0 Comments

The Defence and Security Accelerator (DASA) is pleased to launch Cycle 3 of Defence Innovation Loans which has £10 million to lend for innovative defence solutions.

Accessible to SMEs, and with a below market interest rate of 7.4% per annum, the Defence Innovation Loan provides an excellent opportunity to apply for affordable funds to help you commercialise your defence solutions.

Defence Innovation Loans: An introduction

How to apply?

Defence Innovation Loans Webinar

On Thursday 9th September, DASA and Innovate UK hosted a live webinar to answer all of your questions about Defence Innovation Loans, where viewers spoke to our panel of experts about how to submit a successful application.

Watch our previous webinar

We received some great questions during our last Defence Innovation Loans webinar. Catch up on what you missed here.

How much is available for a Defence Innovation Loan?

The total of £10 million is available for the Defence Innovation Loan competition this year, of which comprises £5M from the Defence Innovation Fund and £5M from Army.

You can apply for a loan between £250,000 and £1.6 million with a below market interest rate of 7.4% per annum. This loan can cover up to 100% of eligible project costs to aid the commercialisation of the solution and overall term of the loan must not exceed 7 years.

Please note, Innovate UK will carry out the Defence Innovation Loan credit evaluation and you will enter into a loan agreement and security agreement with Innovate UK Loans Ltd.

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