Future Fund
The Future Fund launched in May 2020. The fund is designed to help high-growth companies to remain viable during the coronavirus crisis. The scheme will provide government convertible loans from £125,000 to £5 million to those unlisted UK companies that are eligible. The loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if they are not repaid. Businesses must secure an equal amount of match funding from third-party private investors and institutions, and have previously raised at least £250,000 in equity investment from third party investors in the last 5 years. These loans will be delivered via the British Business Bank. Full eligibility criteria along with details of how to apply are expected to be released in the near future and the scheme is expected to be open until the end of September.
R&D Loans and Grants
The Government is making £750 million of grants and loans available for SMEs focusing on research and development. This funding is available through Innovate UK. £200 million is available for Innovate UK’s existing 2,500 customers on an opt-in basis. The remaining £550 million will be available to increase support for existing customers and £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. The first payments will be made by mid-May.
