Coronavirus: Future Fund convertible loan scheme
As part of its package of measures to support business, the government has announced a new scheme to offer convertible loans to high growth innovative companies who are facing financial difficulties due to the COVID-19 outbreak.
The new ‘Future Fund’ scheme will offer unsecured bridge government funding of up to 50% of the total bridge funding being received by a company, where the remaining amount is being provided by private third-party investors. The scheme may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.
The scheme is due to be launched in May 2020. It will initially be open until the end of September 2020 and will be delivered in partnership with the British Business Bank.
Although the scheme is badged as applying to high growth innovative companies the information released to date does not include any detail on specific eligibility criteria related to innovation. Full and final details of the scheme are expected shortly.
COVID-19: Government support tracker
This tracker covers measures announced by the government to support individuals and businesses, as we get through COVID-19.
Guidance: Apply for the coronavirus Future Fund
COVID-19: Future Fund convertible loan scheme - Updated: 23 April 2020
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