Government announces launch of the ‘Future Fund’
The Government has today announced the launch of the Future Fund which will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. These convertible loans may be a suitable option for businesses that rely on equity investment, like high growth tech startups, and are unable to access the Coronavirus Business Interruption Loan Scheme. The scheme will be delivered in partnership with the British Business Bank.
You’re eligible if:
- your business is based in the UK
- your business can attract the equivalent match funding from third party private investors and institutions
- your business has previously raised at least £250,000 in equity investment from third party investors in the last 5 years
The Convertible Loan Key Terms sheet can be downloaded here – full eligibility criteria will be published in due course.
How to apply
The Future Fund will launch in May 2020. Further details about this scheme will be published in due course.
Coronavirus (COVID-19) Business support
The government has already announced a number of business support initiatives:
- Loans, tax relief and cash grants will be available
- Employers can apply for staff to get up to 80% pay if they can’t work
- Self-employed people will receive up to £2,500 per month in grants for at least 3 months
For further details visit https://www.gov.uk/coronavirus/business-support
