New business funding available
The government has recently announced further funding available for businesses including the Coronavirus Large Business Interruption Loan Scheme and the Future Fund.
Apply for the Coronavirus Large Business Interruption Loan Scheme
Large and medium sized businesses affected by coronavirus (Covic-19) can apply for financial support via the Coronavirus Large Business Interruption Loan Scheme.
Businesses can access loans and other kinds of finance of up to £50m. The government guarantees 80 per cent of the finance to the lender.
Further details of the scheme can be found on the government’s website.
Apply for the coronavirus Future Fund
This scheme will issue convertible loans from £125,000 to £5m to innovative companies that are facing financial difficulties due to the coronavirus (covid-19) outbreak.
The Future Fund government loans for UK-based companies is subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The scheme is open for applications until the end of September 2020.
Further details of the Future Fund can be found on the government’s website.