Coronavirus - 3. FAQs on UK government support measures

• Future Fund

​Future Fund

What is it?

Aimed at start-ups and high growth businesses, the scheme will provide convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal matched funding from private investors. The scheme is currently expected to run until the end of September 2020 and applications will be processed on a “first come, first served” basis. There is no cap on the amount that the matched investor(s) may loan to the company.

Am I eligible?

The company must have raised at least £250,000 in equity from third-party investors in previous funding rounds in the last five years (from 1 April 2015 to 19 April 2020, inclusive)

If the company is a member of a corporate group, it must be the ultimate parent company

The company does not have any of its shares or other securities listed on a regulated market, a multilateral trading facility, a recognised investment exchange and/or any other similar market, stock exchange or listing venue

The company must be a UK incorporated limited company

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 sale

What do I need to do to access it?

This is an investor-led scheme, meaning that a lead investor applies on behalf of themselves and may provide information about other investors making up the investment round, in connection to a company:

Investor applies – The investor, or lead investor of a group of investors, certifies they meet the scheme eligibility criteria and provides key investment details. Information for investors can be found here.

  • Company confirms – The company confirms the accuracy of the investment application details provided, before submitting the full application.
  • Contract is finalised – In the case of approved applications, all parties will execute an agreement (in the template form provided) and satisfy certain conditions set out in the agreement before the funds are released.

Future Fund portal is now live and can be accessed here.

An FAQ on Future Fund can be found here.

Who do I need to speak to?

Speak to your investor(s)/potential investor(s). The Future Fund does not offer a ‘matchmaking’ service where companies can find investors on the portal. Investors are strongly recommended by the British Business Bank to confirm the commitment of any other investors investing alongside them before submitting an application for an Investee Company.