The Future Fund

This morning, the Government announced a new scheme called, The Future Fund.

Aimed at innovative companies that are facing financial difficulties due to the ongoing COVID-19 pandemic, the scheme will provide convertible loans ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

The Future Fund will launch in May 2020 and will initially be open until the end of September 2020. The Government will make £250,000,000 available in total for the scheme, which will remain under review.

To be eligible to apply, you must meet the following criteria:

• 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 along with further information on the scheme will be published in due course. You can view the Government announcement here.

If your business relies on equity investment and you are unable to access the Coronavirus Business Interruption Loan Scheme, this may provide a suitable option of financial support.

To discuss your circumstances, please get in touch with your usual EQ contact or call our offices.