This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

Coronavirus Future Fund opens to applications
22 May 2020

The Future Fund, which offers convertible loans of between £125,000 and £5 million to innovative companies facing financial difficulties as a result of the COVID-19 pandemic has opened.

The fund is designed to support UK-based companies that have acquired at least equal match funding from private investors.

Aimed specifically at businesses that typically rely on equity investment, the fund is a lifeline for firms that cannot access other forms of Government business support because they are either pre-revenue or pre-profit-based.

To be eligible a business must:
Businesses will also need to demonstrate that at least one of the following is true:
As part of the introduction of the fund, the Government will also amend the rules of the Enterprise Investment Scheme (EIS), to protect Future Fund investors from losing tax relief on their previous investments made prior to any investment through the Future Fund.

  • be UK-incorporated – if a business is part of a corporate group, only the parent company is eligible
  • have raised at least £250,000 in equity investment from third-party investors in the last five years
  • not had any of its shares traded on a regulated market, multilateral trading facility or other listing venue(s)
  • have been incorporated on or before 31 December 2019.
  • half or more employees are UK-based
  • half or more revenues are from UK sales.

The Government has also allocated £40 million alongside the Future Fund via the Fast Start Competition. This is intended to drive forward new technological advances and support innovative start-ups that are fast-tracking the development of innovations borne out of the Coronavirus crisis.

The Future Fund is being delivered by the British Business Bank and will remain open until September.

A Convertible Loan Agreement has been created for those who intend to apply, which can be found here. Further details of this loan scheme and how to apply can be found on the British Business Bank website.

Other recent news

What are the implications of MTD for ITSA for SMEs?
22 March 2024

The introduction of Making Tax Digital for Income Tax Self-Assessment…
Read more

The Employment (Allocation of Tips) Act 2023 – Understanding the impact on pay in the hospitality sector
22 March 2024

In a significant development for the hospitality industry, the Employment…
Read more

Economic Crime and Corporate Transparency Act 2023 – Companies House changes now in effect
22 March 2024

The initial provisions of the Economic Crime and Corporate Transparency…
Read more

Run your business from home? Get to know your VAT entitlement
22 March 2024

If you are a business owner and work or run…
Read more

Holiday accrual to come in for zero-hours workers
22 March 2024

Following changes to the Working Time Regulations 1998 in January…
Read more

»

Case Studies