The Government has announced a Coronavirus Future Fund, to support innovative businesses who face financial difficulties due to the coronavirus outbreak. Craig Blackmore, Director of Verde Corporate Finance (part of the GS Verde Group), summarises what we currently know about the scheme.
The £250m 'Future Fund' has been announced by the UK government and the new scheme is due to be launched in May 2020. It 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. These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.
The scheme will be delivered in partnership with the British Business Bank. The main eligibility criteria expected to be applied to the loans are that 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
The Government has advised that further details about this scheme will be published shortly.
To be kept informed with further updates as and when we receive them, register to receive our free guidance documents and newsletter: https://www.verdecf.com/covid-19-support
Verde Corporate Finance may be able to assist your business in checking your suitability for this loan or any of the other funds or grants being offered by government or local authorities. We have experience in helping businesses prepare the right documentation and application, to increase the chances of a successful application.
To speak with the Verde team, please call 029 2240 3445, email firstname.lastname@example.org, or visit the website: www.verdecf.com