Our Future Fund for supporting innovative British businesses
Britain is a global leader when it comes to innovation. Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis.
That’s why the Chancellor has announced a £250 million package of support for innovative firms impacted by coronavirus, delivering important help that will protect some of the most dynamic sectors of our economy.
Supporting our businesses is crucial in these unprecedented times. The Future Fund will mean businesses can access the capital they need at this difficult time and ensure businesses across the UK can continue to create new ideas and spread prosperity.
What is the Future Fund?
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.
Launching next month, the scheme is targeted to help those businesses who rely on equity investment and are not able to access the Coronavirus Business Interruption Loan Scheme.
The Government will initially make up to £250,000,000 available in total for the scheme, price matching private investment for eligible businesses, but will keep this figure under review.
Why the Government has announced the Future Fund
The Future Fund will help provide the support needed for many rapidly growing innovative firms across the country. In these difficult times, we want to do as much as we can to protect jobs and firms. This is another one of our business packages to help firms survive the coronavirus pandemic.
Rishi Sunak said the following in a press briefing about why the Future Fund will make such a difference to businesses:
“Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis.
“This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.”
Who is eligible for the Future Fund?
You can apply if:
- your business is based in the UK;
- your business can attract the equivalent match funding from third party private investors; and
- your business has previously raised at least £250,000 in equity investment from third party investors in the last five years.
Full eligibility criteria will be published in the near future on the Government website.
Stay at home. Protect the NHS. Save lives.
The coronavirus outbreak is one of the biggest threats that our country has faced for decades. And beating coronavirus will not be a short battle – it will take months of hard work.
That’s why this Government is keeping all restrictions in place. It is also why we’re providing additional support to those innovative businesses who need it.
The more people that get sick with coronavirus at any one time the harder it is for the NHS to cope – meaning the more people are likely to die, from either the virus or from other serious illness.
The Government’s message has been clear on how to prevent this. Stay at home. Protect the NHS. Save lives. And by continuing to follow the Government’s step-by-step action plan, governed by the best scientific advice, we will protect the NHS’s ability to cope, and give people the care they need, while keeping people and businesses safe.
So stay at home, to protect the NHS, and save lives.