This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
It's called the Future Fund
You're eligible if:
- your business is based in the UK
- your business can attract the equivalent match funding from third party private investors and institutions
- your business has previously raised at least £250,000 in equity investment from third party investors in the last 5 years
The Future Fund will launch in May 2020. Further details about this scheme will be published in due course.
You can read more here.
The Government has also allocated Innovate UK £750 million to provide additional liquidity.
This includes £550 million of new funding to support R&D activity, and £175,000 of support will be offered to startups who do not currently receive Innovate UK funding.
Importantly, £200 million of grant and loan payments will be accelerated to existing Innovate UK customers on an opt-in basis. The Treasury has also committed HMRC to speed up the payment of R&D tax credits.