Fund title: Future Fund
Focus of fund/fund aims:
Convertible loans for innovative UK companies that have the potential to grow but are currently affected by Covid-19
30 September 2020 (tbc)
UK-based companies can now apply for a convertible loan of between £125,000 and £5 million to support continued growth and innovation.
The Future Fund is open to firms that have previously raised at least £250,000 in equity investment from third parties in the last five years. They will also need to have investors to provide funding to be matched by the Government, and have half or more of their employees based in the UK or generate at least half of their revenue through UK sales. The loans will convert to equity if not repaid.
The Government has made £250 million available for the Future Fund, and will keep this amount under review. The scheme is initially open for applications until the end of September 2020.