The Government has announced a £500m “Future Fund” to provide UK-based innovative companies with between £125,000 and £5m from the government if the cash is at least matched by private investors.
The loans will convert to equity stakes - valued at a discount - if not repaid. This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the pandemic.
The scheme will be delivered in partnership with the British Business Bank.
Eligibility
You are 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
Full eligibility criteria will be published in due course and the scheme will launch in May.