DASA has launched a new Defence funding competition: The Defence Innovation Loan, which currently has £10-million available to fund Innovative Defence solutions. This service provides an opportunity for single small and medium enterprises (SMEs) with Defence solutions to apply for a Defence Innovation Loan of between £250,000 and £1.6-million with an 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.
This new opportunity is delivered by a unique partnership between DASA and Innovate UK, and builds upon our goal of helping to convert mature defence innovations into a viable business proposition that can compete for Defence procurement.
Commitment #12
Outcome
Target Date
Run a competition for SMEs to bid for Defence Innovation Loans to develop mature defence innovations into viable business propositions.
At least 3 SMEs per year are provided with loan funding to aid commercialisation of their innovative ideas.
Ongoing.