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The UK Government has expanded its start-up package to include companies headquartered overseas...
Information as of Friday 3 July 2020 at 12pm UK
Following on from our previous article on this topic, the UK Government's Future Fund eligibility criteria has been expanded so that UK companies with overseas parent companies which have participated in accelerator programmes will now be able to apply for investment.
Accelerators such as TechStars and Y-Combinator which provide access to finance, mentorship and a network of experts and advisors often require start-ups to have an overseas parent company. Those companies were previously ineligible for the Future Fund when it opened in May.
Under the Future Fund, early-stage, high-growth companies can apply for a convertible loan of up to £5m in an attempt to minimise the impact of the coronavirus on their operations.
Initially, £250m was made available with fund matching from private investors required by way of bridge financing from the Government. The funds are administered by the state-owned British Business Bank in the form of convertible notes which become equity stakes in the company's next funding round. The amount available has now increased to £320m and will continue to be kept under review.
For more information on the Future Fund or other loans, grants and reliefs available in the UK and to discuss your eligibility, please contact Keeley or Melissa below:
Tel: +44 (0)20 7430 5895
Tel: +44 (0)20 7430 5894