From 30 June, more start ups and innovative firms will be able to apply for investment from the government’s Future Fund.
To date more than 320 companies have benefitted from £320 million of Future Fund support. Under the scheme, early stage, high-growth businesses can apply for a convertible loan of between £125,000 and £5 million, subject to at least equal match funding from private investors, to help them through the Covid-19 pandemic.
Companies which have participated in non-UK accelerator programmes which required a non-UK parent company, are now eligible to apply for the scheme. Accelerator programmes give businesses access to finance, mentorships and expert networks. The Future Fund’s original eligibility criteria required applicants to have a UK parent company. For those with non-UK parent companies to be eligible, they will need to show that half or more employees are UK-based and/or half or more revenues are from UK sales.
The scheme, which is investor led and administered through the British Business Bank is expected to remain open until the end of September.