The UK government's 'Future Fund', which opened for applications last month, aims to provide UK-based innovative companies with capital – by advancing funding via convertible loans – to cope with the financial impact of the coronavirus pandemic.
The British Business Bank today released the latest figures on the take up of the Future Fund. Of 533 applications, 53 have been approved so far, with a total value of £55.9 million (so the average convertible loan approved is for just over £1 million).
Publishing the figures, the British Business Bank said, 'Application processes are expected to take a minimum of 21 days from initial application to funding being awarded, providing applicants provide all the information required…The time to which applicants subsequently receive funds will depend on the speed with which they complete the documentation.'
We explain the application process and answers about the Future Fund in this Osborne Clarke Insight.
The UK government has made an initial commitment of £250 million to the Future Fund, and indicated that that commitment may increase if there is sufficient demand.