Boost for UK defence SMEs as government launches £10m funding

Defence SMEs across the UK can now apply for multi-million pound funding under a new scheme.

The Defence and Security Accelerator (DASA) has announced the launch of the new Defence Innovation Loan, available to SMEs across the country.

DASA has partnered with Innovate UK to deliver the programme, which will have £10m to lend to businesses with innovative defence solutions.

SMEs that are developing defence solutions are able to apply for between £250k and £1.6m to help transform their innovations into a viable business proposition that can compete for procurement opportunities with the Ministry of Defence (MoD).

A statement from the DASA, MoD and Innovate UK said: “Accessible to SMEs, and with a below market interest rate of 7.4 per cent per annum, the Defence Innovation Loan provides an excellent opportunity to apply for affordable funds to help you bring your solutions into the hands of defence frontline services.”

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