MP says firms can apply for ‘future’ cash

Government fund has been made available to businesses

BUSINESSES in Hinckley are being invited to look to the future and apply for Government funding.

Companies can apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors as diverse as technology, life sciences and the creative industries.

The Government has made an initial £250 million available through the Future Fund scheme and will consider increasing this if needed.

Dr Luke Evans, MP for Bosworth, said: “The Future Fund is great news for high growth and innovative businesses here in Hinckley and Bosworth, helping them build the bridge from today’s severe challenges to the period of recovery, enabling them to survive then thrive.

“Our economy will look very different after Covid-19 and it’s vital we embrace the change that is needed.”

Private investors such as venture capital funds, angel investors and those backed by regional funds will at least match the Government investment in these companies.

Rishi Sunak, the Chancellor of the Exchequer, said: “Our start-ups and innovative firms are one of our great economic strengths, and they will help spur our recovery from the pandemic.

“The Future Fund will support firms across the UK to get through the pandemic by stimulating investment, so that they can continue to break new ground in technology and innovation.”

Match fund investors will be encouraged to sign the Treasury’s Investing in Women Code, which commits firms to improving female entrepreneurs’ access to tools, resources and finance.

The Future Fund of this.

The Government will also amend the rules of the Enterprise Investment Scheme, which provides tax relief to investors in high growth firms.

This will protect Future Fund investors from losing relief on their previous investments made prior to any investment through the Future Fund.

The fund will be open until September and is delivered in partnership with the British Business Bank.

Ministers have also allocated £40 million through the Fast Start Competition to drive forward is a signatory new technological advances and to support innovative start-ups.

These include a virtual-reality surgical training simulator and an online farmers’ market platform.

This will give companies a vital boost, fast-tracking the development of innovations borne out of the coronavirus crisis.

Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, said: “The UK is a global tech and creative hub.

“We are an unashamedly pro-tech Government and are supporting high-growth businesses through this challenging period, so they can prosper and succeed.

“The tech sector has played a crucial role throughout the pandemic and these innovative firms will be key to driving growth through our recovery.”

Business Secretary Alok Sharma said: “Britain is an innovation powerhouse and helping our cutting-edge companies of the future get the cash they need during this difficult time is a vital part of getting the UK economy up and running again.”