Coronavirus: Future Fund for innovative businesses
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak
As part of the measures set out in the Winter Economy Plan, this scheme has been extended to 30 November 2020. Further guidance will be provided as soon as it becomes available.
The Future Fund provides 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 typically rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
Your business is eligible if:
- it is UK-incorporated. If your business is part of a corporate group, only the parent company is eligible
- it has raised at least £250,000 in equity investment from third-party investors in the last 5 years
- none of its shares are traded on a regulated market, multilateral trading facility or other listing venue
- it was incorporated on or before 31 December 2019
- at least one of the following is true:
- half or more employees are UK-based
- half or more revenues are from UK sales
The Future Fund scheme is now open to applications. Full eligibility criteria and guidance on how to apply is available on the British Bank website.
The Future Fund is being delivered by the British Business Bank.
First published 20 April 2020