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HOME / KNOWLEDGE / Government Launches £500m Future Fund

Government Launches £500m Future Fund

CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME

Updated 16 June, 09:00am.

On 20 May 2020, the government officially launched the £500 million Future Fund to support innovative businesses currently affected by COVID-19.

Jeffreys Henry LLP has set up a specialist team to closely monitor all the unfolding developments and gather further details on loans, grants and subsidies to help you navigate your way through these circumstances.

KEY POINTS:-

  • The government has set up a new Future Fund to support innovative and high-growth businesses who have been unable to access other government business support schemes because they are pre-revenue or pre-profit;
  • UK-based companies can apply for a convertible loan ranging from £125,000 to £5 million, to support growth and innovation in diverse sectors such as life sciences, technology and the creative industries;
  • Government loans are subject to at least equal match funding from private investors, potentially including venture capital funds, angel investors and those backed by regional funds;
  • The government has delivered an initial commitment of £250m of government funding to the scheme;
  • The scheme is open for applications under the end of September 2020;
  • Your business will be eligible for the scheme if:-
    • it is UK-incorporated – if your business is part of a corporate group, only the parent company will be eligible;
    • it has raised a minimum of £250,000 in equity investment from third-party investors in the last 5 years;
    • none of its shares are traded on a regulated market, multilateral trading facility or other listing venue;
    • it was incorporated on or before 31 December 2019;
    • half of more employees are UK-based OR half or more revenues are from UK sales.

For further details, please email your usual Relationship Partner or contact person, or request a call back.

Nikhita Sagar
Nikhita Sagar

020 7309 2222

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971 and registered at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE. Registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales and for a range of investment business activities. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. A list of Partners’ names is available at the above address. © Jeffreys Henry LLP LLP 2019. All rights reserved.