£10M available to fund Innovative Defence solutions
The Defence and Security Accelerator (DASA) supported by Innovate UK Loans Ltd (Innovate UK) are working together to offer a new Defence funding competition: the Defence Innovation Loan, which currently has a total of £10M available to fund Innovative Defence solutions. This service provides an opportunity for single small and medium enterprises (SMEs) with solutions to Defence themed problems to apply for a Defence Innovation Loan of between £250,000 and £1.6 million with a below market interest rate of 7.4% per annum. This loan can be used to cover up to 100% of eligible project costs to aid the commercialisation of the solution. Innovate UK provide further information on innovation loans (not Defence specific) here. The funding available for this competition comprises £5M from the Defence Innovation Fund and £5M from Army.