Coronavirus (COVID-19) Future Fund
Find out about the Fund, who is eligible and how to apply for a loan.
This scheme will issue convertible loans of between £125,000 and £5 million to innovative UK-based companies which are facing financing difficulties due to the coronavirus outbreak.
Developed by government and delivered by the British Business Bank, the Future Fund will help these companies through the current period of economic disruption and recovery, so they are able to continue their growth trajectory and reach their full economic potential.
How it works
- The Fund is open for applications from Wednesday 20 May
- The scheme operates on a commercial basis to deliver an initial commitment of £250m of new government funding
- Financing will be unlocked by additional third-party investment on a match funded basis
- Applications must be submitted via an online platform based on a set of standard terms and eligibility criteria
- The scheme is open for applications until the end of September 2020.
- Companies must be UK-incorporated and if part of a corporate group, only the parent company is eligible
- Companies in receipt of the loans will be required to have previously raised at least £250k in equity investment from third party investors in the last five years
- Only eligible companies that can attract at least 50% of third-party investment will receive funding
- Companies cannot have any of their shares traded on a regulated market, multilateral trading facility or other listing venue
- The company must have been incorporated on, or before, 31 December 2019
- At least one of the following must be true for the company:
- Half or more employees are UK based
- Half or more revenues are from UK sales
How to apply
The scheme is being delivered by the British Business Bank.