COVID 19 – NEW FUTURE FUND TO SUPPORT INNOVATIVE BUSINESSES

1. Title: COVID 19 – NEW FUTURE FUND TO SUPPORT INNOVATIVE BUSINESSES2. Awarding Authority: Department for Business, Energy & Industrial Strategy and HM Treasury, GB. Web: 3. Contract type: Service contract4. Description: On 20th April 2020 the Chancellor of the Exchequer announced he is to establish a new Future Fund to support the UK’s innovative businesses currently affected by Covid-19.These businesses have been unable to access other government business support programmes, because they are either pre-revenue or pre-profit and typically rely on equity investment.The scheme will deliver an initial commitment of £250m of new government funding which will be unlocked by private investment on a match funded basis. The government scheme, which will be developed in partnership with the British Business Bank with the intention of launching for applications in May, will initially be open until the end of September. Over the coming weeks the Bank will work with government on the details on how the Future Fund will operate and how to apply for the scheme.The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.The scheme will be delivered in partnership with the British Business Bank.You’re eligible if your business:is based in the UKcan attract the equivalent match funding from third-party private investors and institutionshas previously raised at least £250,000 in equity investment from third-party investors in the last 5 years5. CPV Code(s): 79411100, 79400000, 790000006. NUTS code(s): UKG, UKG2, UKG247. Main site or location of works, main place of delivery or main place of performance: UK8. Reference attributed by awarding authority: Not provided.9. Estimated value of requirement: The scheme will deliver an initial commitment of £250m of new government funding which will be unlocked by private investment on a match funded basis.10. As no deadline date has been specified please contact the awarding authority for further information.11. Address to which they must be sent: For further information on the above contract please visit Web: 12. Other information: Full eligibility criteria will be published shortly – the headline terms are here : Future Fund Terms document from the website above.Please visit the website above to access the Government Future Fund websiteTKR-2020429-EX-1345097# funding opportunity# COVID-19