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.