Future Fund - designed to fuel UK innovation

The government’s Future Fund scheme is aimed at assisting ‘innovative UK companies with good potential’ that have been adversely affected by coronavirus. 

The fund, which is delivered by British Business Bank, issues convertible loans of between £125,000 and £5 million subject to at least equal match funding from private investors. These loans could be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.

Businesses are eligible to apply for funding if the following criteria are met: 

• UK-incorporated - if the business is part of a corporate group, only the parent company is eligible
• At least £250,000 in equity investment has been raised from third-party investors in the last 5 years
• None of the company’s shares are traded on a regulated market, multilateral trading facility or other listing venue
• The company was incorporated on or before 31 December 2019
• At least one of the following is true:
  - half or more of the employees are UK-based
  - half or more of the revenues are from UK sales

The scheme is open for applications until the end of September 2020.

For further information about the scheme including investor eligibility criteria, please click here.

About the Author

Martin Johnson

Partner

With expertise in advising family-owned companies on a range of tax, accountancy and business issues, Martin also has an in-depth knowledge of the automotive and property sectors. In addition, he provides advice on inheritance tax planning and financial management to owner-managed businesses.  Martin leads the firm in developing its expertise in the buy-to-let sector, advising both residential and commercial property owners on relevant tax and legislation issues. A further element to Martin’s role is to build Torgersens’ relationships with banks, financial advisors and specialists in commercial and employment law to ensure that the firm’s clients have access to market-leading guidance.  

To get in touch please e-mail martin.johnson@torgersens.com.