Future Fund-Now Open to Applicants

Future Fund-Now Open to Applicants

Future Fund Loans

The Future Fund, announced by the Chancellor of the Exchequer on 20 April, is now open for applications. The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

Apply for the coronavirus Future Fund

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.

The Future Fund was developed by the government and is being delivered by the British Business Bank.

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.

How it works: 

  • Open for applications from Wednesday 20th May.
  • Scheme operates on a commercial basis to deliver an initial commitment of £250m of new government funding.
  • Financing will be unlocked by additional third-party investment on a match funded basis.
  • Applications submitted via an online platform based on a set of standard terms and eligibility criteria.

 Eligibility criteria:

  • Companies must be UK-incorporated and if part of a corporate group, only the parent company is eligible.
  • Companies in receipt of the loans will be required to have previously raised at least £250k in equity investment from third party investors in the last five years.
  • Only eligible companies that can attract at least 50% of third-party investment will receive funding.
  • Companies cannot have any of their shares traded on a regulated market, multilateral trading facility or other listing venue.
  • The company must have been incorporated on or before 31st December 2019.
  • At least one of the following must be true for the company:
  • Half or more employees are UK based;
  • Half or more revenues are from UK sales.

 

Author of this COVID-19 Business Support Hub Article

East Midland Chamber Derbyshire, Nottinghamshire, Leicestershire

Whatever the sector, shape or size of your organisation, our primary focus is to help you thrive. At the Heart of East Midlands Business News and Events.

More About East Midlands Chamber

 

East Midland Chamber

Helping your business grow – the Chamber connects you to funding, skills, new people, expert help and provides a platform where you and your business can flourish.

Connecting you and your business – the Chamber helps you access hundreds of opportunities to meet and connect with businesses in the East Midlands every year.

Providing access to skills – the Chamber can provide you with expert analysis of your current situation, connect you with fully- or partially-subsidised training or even introduce you to new talent.

Reaching and influencing the right person – the Chamber is an authoritative body which has the status and mandate to ensure your voice is heard by the right people.

International expertise – the Chamber’s award-winning International Trade team can help enable businesses at all stages of the export journey - from start-ups to multinationals - to be successful in overseas markets.

 

How to get in touch with East Midlands Chamber

www.emc-dnl.co.uk

 

 

 

COVID-19 Business Support Hub

These are challenging times for business and although our ethos is to only shout about good news, we've created COVID-19 Business Support Hub on the Love Business the website to support you with expert tips, advice and ideas from your fellow businesses to help you get through this COVID-19 crisis. 
 

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