Question to the Department for Science, Innovation & Technology:

To ask His Majesty's Government what was the total value of innovation loans written off by UK Research and Innovation in each financial year since the scheme began in 2017.

Since April 2018, £267.7m commitments have been made across 304 loans (including those approved and currently in execution). £221.2m in commitments are currently live across 248 loans, of which £191.9m is drawn. Under the terms of the loans with Innovate UK repayment of all of the loans in the current portfolio is due by 2033, with over half by 2028.

31 loans have already repaid in full, recovering £18.4m in capital. 16 defaulted loans with a combined outstanding exposure of £12.7m have completed the administration / recovery process, with £400k recovered and the remainder written-off. These write-offs occurred over following financial years as follows:

A further 59 loans are currently in default against their obligations. 40 of these (£28.3m total commitment) are subject to recovery action through legal recourse and administration; 19 (£12.5m commitment) are subject to restructuring within Innovate UK Loans Limited with a view to securing a realistic plan for repayment over time.