Government expands Future Fund for start-ups

01 Jul 2020

The government has expanded its Future Fund scheme, which aims to support start-up businesses not eligible for other coronavirus (COVID-19) rescue measures.

The change will ensure that firms which have moved their headquarters abroad can still access the scheme.

This means that UK companies who have participated in accelerator programmes and were required, as part of the programme, to have parent companies outside of the UK will now be able to apply for investment.

Companies in accelerator programmes are often required to set up a non-UK parent company in order to participate, which means some did not have a UK parent company when Future Fund applications opened in May.

The Future Fund offers government loans of between £125,000 and £5 million to UK-incorporated companies, provided private investors at least match the funding supplied by the state. The package is aimed at innovative start-up businesses not eligible for existing COVID-19 support.

Commenting on the matter, Business Secretary Alok Sharma said: 'As we restart our economy, it is crucial that our innovators and risk-takers get all the support they need to flourish.

'Our decision to relax this rule recognises the importance of many of the UK's most cutting-edge start-ups as we bounce back from coronavirus.'

Find more guidance on the Future Fund here.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2024 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited, 52-56 Leadenhall Street, London, EC3A 2EB (Policy Number: 44402654). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.