On 20 April 2020, the Government announced a new scheme to issue convertible loans to innovative companies which are facing financial difficulties due to COVID-19, provided that funding is matched by at least an equivalent amount of funding from private investors (the "Future Fund Scheme").
The scheme will commence in May 2020 and will continue until 30 September 2020. The Government will initially make £500m available for the Future Fund Scheme, which will be delivered in partnership with the British Business Bank. This note summarises what has been announced so far, and the potential issues that could arise for businesses seeking to take advantage of the Future Fund Scheme. Further details and guidance are expected to be published in due course. View the headline terms published so far here.