The Government has announced a new scheme to issue convertible loans to innovative companies which are facing financing difficulties due to the Coronavirus outbreak: the Future Fund.
When will it be available?
The Future Fund will launch in May 2020.
The scheme will initially be open until the end of September 2020.
What is it?
The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.
Further details about this scheme are available here.
You will be eligible if your business:
- is based in the UK
- can attract the equivalent match funding from third-party private investors and institutions
- has previously raised at least £250,000 in equity investment from third-party investors in the last 5 years
Do you need help with convertible loans?