10 things you need to know about the Future Fund
Applications are finally open for the Future Fund!
Companies need to find an investor to match the government's funding in order to be eligible.
Applications will be driven by the lead investor (Startups will not apply themselves).
Applications will be processed on a first come, first served basis (Although the Chancellor has suggested he may extend the scheme).
Although there is no limit to the number of applications, investors will need to make separate applications for each of their companies, which means they will have to choose which companies to apply first, and avoid submitting multiple applications on the same day.
Startups must have raised at least £250k in equity in the last 5 years and must be a UK incorporated company.
Companies will have to wait at least 21 days before receiving capital.
The government is investing through convertible notes, on commercial terms.
Loan amounts range from £125k to £5m with an interest rate of at least 8%.
Investors can apply here