The Future Fund, announced by the Chancellor on 20 April, will be open for applications from Wednesday 20 May.
The Future Fund will provide convertible loans ranging from £125k to £5m to UK based companies, subject to at least equal matched funding from private investors. The Government has made an initial £250m available for the fund and will keep this amount under review.
The new fund will support innovative UK companies currently affected by COVID-19, with good potential, that are essential in ensuring the UK retains its world leading position in science, innovation and technology. Until now, these companies have been unable to access other government support programmes because they are either pre-revenue or pre-profit.
The scheme is initially open for applications until the end of September 2020.
To view the full details and eligibility criteria of the scheme, please click here.