The latest figures for successful applications under the UK government-backed 'Future Fund' for innovative companies were published yesterday.
To 14 June 2020, convertible loans with a total value of £146 million have been approved. Of 577 applications, 155 applications have been approved so far – so the average loan amount is running at £942,000.
The Future Fund opened for applications in May and aims to provide UK-based innovative companies with capital to cope with the financial impact of the coronavirus pandemic. Funding is advanced by convertible loans and must be matched by private investment.
This Osborne Clarke Insight covers the application process and answers various questions about the operation of the Future Fund.