The Government has announced details of a new fund for start-up businesses impacted by the coronavirus pandemic.
The Future Fund, which is being delivered in partnership with the British Business Bank, will provide government loans to UK-based companies ranging from £125k to £5 million, subject to at least equal match funding from private investors.
Welcoming the Chancellor’s announcement, Suren Thiru, head of economics at the British Chambers of Commerce (BCC), said: “The Future Fund will help provide urgently needed support for many of our most innovative and fast-growing businesses around the UK, as we have urged.
“The fund fills an important gap in existing government support and could make a real difference to entrepreneurial firms navigating challenging circumstances. It’s crucial that this enhanced support reaches companies in difficulty as quickly as possible.”