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UK - How to apply to the Future Fund

UK - How to apply to the Future Fund

:Credit: Unsplash - Gary Butterfield

The UK government has announced further details about its Future Fund — and will open the scheme to applications this Wednesday.

The £500m fund, of which the Treasury will stump up £250m, will issue convertible loans to startups to help them weather the Covid-19 storm. Government loans could range from £125,000 to £5m, and will be managed by the British Business Bank (BBB).

Investors and founders alike have pointed out that the fund could disappear fairly quickly, and many companies could miss out. However, yesterday, chancellor Rishi Sunak told Parliament that “should applications exceed the initial £250m provided, [he] will be more than happy to extend the scheme”.

“I think this will be a vital part of fuelling our recovery, because… these companies provide the growth of tomorrow and they deserve our support,” Sunak added.

Lead investors will apply on behalf of startups (and other investors) via an online portal. Applications will be processed on a first-come, first-served basis.

To help startups and investors make a speedy and smooth application to the scheme, we’ve gathered tips and advice from lawyers, VCs and bankers.

How can startups apply?

They can’t.

Sonya Iovieno, managing director of Silicon Valley Bank, says: “Investors will need to drive the application process and lead any submission. The company itself does not initiate the process.”

Who can be an investor in the round?

“Any private investor can provide matched funding as part of the Future Fund round. They can be an individual (but cannot claim EIS), a VC or a corporate investor,” says Michael Buckworth, managing director of law firm Buckworths. 

“Matched funding can be provided by non-UK investors as well as UK investors,” he adds.

Read more

Originally published by
Amy Lewin | May 19, 2020
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