Follow-on interim evaluation of Innovation Loans

This document summarizes interim evaluations of Innovate UK's Innovation Loans pilot program, which provides repayable finance to SMEs for late-stage R&D. The evaluations used interviews, case studies, surveys, and data analysis to assess the program's effectiveness, demand, and outcomes from 2018/19 to 2020/21. Results show the program is well-received, with positive impacts on product development, job creation, and sales growth, and is filling a funding gap for businesses, particularly during the Covid-19 pandemic. The loans have high finance additionality, with some defaults and a need for close monitoring. Areas for improvement include better marketing, streamlining application processes, and enhancing communication. The program also has potential to contribute to equality, diversity, and inclusion. Future suggestions involve scaling up support, integrating with other funding options, and expanding non-financial support. The evaluation will inform future government spending reviews and the development of alternative R&D financing mechanisms. **This summary was written by an AI model and therefore should not be considered a definitive summary of the report. If you are aware of inaccuracies, please email evaluation.registry@cabinetoffice.gov.uk.**

Description

• Lead department: UK Research and Innovation
• Evaluation stage: A complete evaluation report
• Other departments: No other departments listed
• Evaluation types: Impact evaluation; Process evaluation
• Impact methods: Quasi-experimental method
• Quasi-experimental methods: Difference-in-difference
• Process methods: Case studies; Individual interviews; Surveys and polling
• Grant information: This intervention is not distributing funding via a grant
• Government Major Project information: This intervention is not a major project
• Policies: No policies provided

Event Dates

• Event Name: Publication of final results
• Event date: October 2021

Evaluation Costs

• Cost: Not provided

Evaluation sharing

• Link(s) to published report(s): Yes
• Links to evaluation plans: No link provided
• Findings: Not provided
• Permission to share confirmed: Yes