Future Fund launches to give start-ups coronavirus support

21 May 2020

The government has launched its Future Fund package, which aims to support start-up businesses not eligible for other coronavirus (COVID-19) rescue measures.

The Future Fund offers government loans of between £125,000 and £5 million to UK-incorporated companies, provided private investors at least match the funding supplied by the state.

The package is aimed at innovative early stage companies not eligible for existing COVID-19 support, and overall the fund will match up to £250 million of private investment. Chancellor Rishi Sunak told MPs that he would be 'more than happy' to increase the funding available should the scheme prove popular.

The Future Fund is administered by the government-backed British Business Bank (BBB). The loans can be repaid or converted into discounted equity if they are not – making the government a direct shareholder in UK start-ups should the latter occur.

There is no requirement to value the company, and when companies and investors have completed an application through the BBB portal, they should receive funds in an estimated two weeks. The fund is currently due to run until at least the end of September.

More guidance on the Future Fund, including eligibility criteria, can be found here.

Register for our Monthly Newsletter -

Why not register to receive our Monthly Newswire?

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Sign up today »

Tel: 01749 685000

Email:

Chalmers HB
20 Chamberlain Street
Wells
Somerset
BA5 2PF


Contact us | Credits | Accessibility | Disclaimer | Help | Site map |

© 2020 Chalmers HB. All rights reserved.
We use cookies on this website, you can find more information about cookies here.

Chalmers HB Limited, Registered in England, Registered number 4233537, Registered Office: 20 Chamberlain Street Wells Somerset BA5 2PF. Chalmers HB Audit Limited, Registered in England, Registered number 9739736, Registered Office: 20 Chamberlain Street, Wells, Somerset BA5 2PF.