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Future Fund and Innovate UK

Future Fund and Innovate UK

Future Fund

What is it?

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.

Who is it for?

You’re eligible if your business:

  • is based in the UK
  • can attract the equivalent match funding from third-party private investors and institutions
  • has previously raised at least £250,000 in equity investment from third-party investors in the last 5 years

How does it work?

The scheme will be delivered in partnership with the British Business Bank.

The Government will initially make up to £250,000,000 available in total for the scheme. The Government will keep this amount under review.

The scheme will initially be open until the end of September 2020.

The full headline terms setting out the main features expected to apply to the loans can be found here.

Innovate UK

What is it?

£750 million of targeted support for the most R&D intensive small and medium-size firms will be available through Innovate UK’s grants and loan scheme.

Who is it for and how does it work?

Innovate UK, the national innovation agency, will accelerate up to £200 million of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis.

An extra £550 million will also be made available to increase support for existing customers.

£175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding.

The first payments will be made by mid-May.

What should I do next?

The scheme is being delivered by the British Business Bank. Find out how to apply here.

Critchleys Clients: If you have specific questions, please contact your Critchleys Accountant directly.

 


Published 21 April 2020
Last Updated 20 May 2020

20 May 2020
The scheme is being delivered by the British Business Bank. Find out how to apply here.

21 April 2020
First published. 

Find out more about Rob McGrigor

Rob McGrigor

Rob McGrigor

Rob is a Partner of Kinetix Critchleys Corporate Finance

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