Deadline for applications to The Future Fund extended to 30 November 2020
25 September 2020
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.
As announced by the Chancellor on 20 April, the Future Fund issues convertible loans to innovative UK companies with good prospective, that habitually rely on equity investment and are currently disturbed by Covid-19. The scheme will assist these companies through the current period of economic disruption and also through the recovery, so that they are able to continue their growth trajectory and reach their full economic potential. The Scheme is designed by the Government and delivered by the British Business Bank. Details on how to apply can be found here.
The scheme was due to close to new applicants on 30 September 2020; however the government has announced an extension to the Future Fund and it will now close for new applications on Monday 30 November 2020. It should be noted that only one application per Investee Company can be accepted by the Future Fund.
A business will be eligible if:
- It is UK-incorporated - if a 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
Businesses can check eligibility here.
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