30 June 2020
The Chancellor of the Exchequer today announced that the Future Fund is being expanded to accommodate businesses that contribute significantly to the UK economy, but do not have their parent company based in the UK because they participated in a non-UK based accelerator programme.
Developed by government and delivered by the British Business Bank, the Future Fund launched in May and will initially be open until the end of September. As at 28 June, the Future Fund has approved over £320.6m of convertible loans to 322 innovative businesses across the UK. The Future Fund is designed to support innovative UK companies with good potential, that typically rely on equity investment and are currently affected by Covid-19. Until now these companies have been unable to access other government business support programmes because they are either pre-revenue or pre-profit.
Accelerators are open and competitive programmes which are designed to select and foster the stars of tomorrow. They are selective, have a fixed-term and are a cohort-based programme for early stage companies, offering access to industry mentorship, seed or venture capital and other professional support. Part of the conditions of joining some accelerator programmes outside of the UK is that the businesses are required to create a non-UK incorporated parent company.
These changes to eligibility will allow a wider number of suitable companies to apply, while maintaining scheme protections against fraud and abuse and ensuring that the Future Fund continues to support economic activity in the UK.
See further information on the Future Fund here.
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