The UK Government has announced that the Coronavirus Future Fund will be launched in May 2020, providing government loans of between £125,000 to £5 million to innovative UK-based companies which face financing difficulties due to the COVID-19 pandemic.
The loans are subject to matched funding being secured from private investors, and are expected to help some of the UK’s many start-ups.
Businesses complying with the following criteria will be eligible:
- based in the UK;
- able to attract the equivalent matched funding from third-party private investors and institutions; and
- which have previously raised at least £250,000 in equity investment from third-party investors in the last 5 years.
More details of the scheme can be found here.