The government have announced a new £1.25million package to support innovative new companies not eligible for the previous measures announced.
An initial £250 million will be delivered through the future fund, this will provide government loans to UK companies to at least match funding received from private investors. Companies will be able to access amounts from £125,000 to £5 million. Full eligibility is yet to be published, but you must have raised at least £250,000 in equity investments from third parties in the last 5 years. This loan also has the possibility of being converted into capital if not repaid by the next qualifying funding round. The fund will begin in May and run until at least the end of September.
The government will also make available £750 million to an existing loan and grant scheme from Innovate UK, for small companies that focus on research and development.
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