Welcoming the Chancellor’s announcement of a Future Fund, supporting start-ups by delivering an initial commitment of £250m of new government funding which will be unlocked by private investment on a match funded basis, BCC Head of Economics Suren Thiru said:
“The Future Fund will help provide urgently needed support for many of our most innovative and fast-growing businesses around the UK, as we have urged.
“The fund fills an important gap in existing government support and could make a real difference to entrepreneurial firms navigating challenging circumstances. It’s crucial that this enhanced support reaches companies in difficulty as quickly as possible.”
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. This scheme is not available yet. It will launch in May 2020.
You’re 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.