Future Fund – BCC responds to announcement
Welcoming the Chancellor’s announcement of a Future Fund, supporting start-ups by delivering an initial commitment of £250m of new government funding which will be unlocked by private investment on a match funded basis, BCC Head of Economics Suren Thiru said:
“The Future Fund will help provide urgently needed support for many of our most innovative and fast-growing businesses around the UK, as we have urged.
“The fund fills an important gap in existing government support and could make a real difference to entrepreneurial firms navigating challenging circumstances. It’s crucial that this enhanced support reaches companies in difficulty as quickly as possible.”
Future Fund
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak. This scheme is not available yet. It will launch in May 2020.
You’re eligible If:
- your business is based in the UK
- your business can attract the equivalent match funding from third party private investors and institutions
- your business has previously raised at least £250,000 in equity investment from third party investors in the last 5 years
Full eligibility criteria will be published in due course.