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HOME / KNOWLEDGE / Government Launches £500m Future Fund

Government Launches £500m Future Fund

CORONAVIRUS RECOVERY 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.

Bhimal Hira
Bhimal Hira

We’re one of the UK’s leading tech-enabled providers of accountancy, audit, tax and advisory services to fast-growth SMEs, international businesses, listed companies and private individuals.

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. VAT Registration Number 243307782. A list of Partners is available for inspection at the below address. Jeffreys Henry Audit Limited is registered in England and Wales with Company number 13172931. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C008924259. VAT number 374306694. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Jeffreys Henry Business Services Limited is registered in England and Wales with Company number 13128469. VAT number 369869417. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Each entity’s registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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