Secretary of State for Wales has today delivered a clarion
call to Welsh businesses, urging them to seize UK Government
support and take a leap into the world of innovation.
Innovate UK is holding a series of events around the UK to
introduce a new pilot programme for innovation loans.
The Secretary of State attended today’s event in Cardiff’s
Tramshed Tech where he called on the 200+ business
representatives in the room to have the drive to innovate and
apply for the financial support available from the UK Government.
Innovation Loans will offer affordable, patient, flexible funding
for later-stage research and development projects with a clear
route to commercial success.
Innovate UK will announce loans through future competitions and
offer them to growth-oriented small and medium-sized businesses
(SMEs) that are able to demonstrate that they:
- have a high quality innovation project
- will be able to afford the interest payments and loan
repayments
- need public sector support as they can’t access project
finance on standard commercial terms
said:
Innovation can not only revolutionise the way we live our lives,
it can bring real opportunities for our businesses to tap into
and grow.
The breadth and depth of the innovative and inspiring projects
the UK Government supports never fails to astound me. Including
here in Wales.
From hydrogen powered cars made in Powys to funding the build of
the UK’s first office that creates more power than it uses at
Swansea University, Innovate UK funding is helping Wales to be at
the centre of the new innovations that change the way we do
business, the way we live and be at the forefront of developing
the solutions for tomorrow.
But there is so much more potential amongst our business
community, just waiting to be realised. I encourage Welsh SMEs to
take the leap of faith, have the drive to innovate and discover
the financial support available from the UK Government to do so.
