Coronavirus Business Support Finder Tool and Coronavirus Future Fund
The UK Government is continuing to provide daily updates and publications on their measures to deal with the disruptions caused by COVID-19 and has launched a Coronavirus Business Support Finder Tool and a Coronavirus Future Fund. Useful links to UK Government guidance and our previous updates can be found at the end of this article.
Coronavirus Business Support Finder Tool
The UK Government has launched a tool for businesses and self-employed people across the UK to quickly and easily determine the financial support that is available to them during the coronavirus pandemic. The tool is a simple questionnaire, taking minutes to complete, which will provide a list of all the financial support that may be available to your business and you. The Coronavirus Business Support Finder tool can be found here.
Coronavirus Future Fund
The UK Government has announced a scheme that will issue convertible loans between £125,000 to £5 million to startups and innovative companies facing financing difficulties due to the coronavirus outbreak. This scheme will launch in May 2020.
The loans are designed to be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme. The loans will be available to match funding from private investors and are available if your business:
- Is based in the UK
- Can attract the equivalent match funding from third party investors and institutions
- Has previously raised at least £250,000 in equity investment from third party investors in the last 5 years
UK Government guidance on the Coronavirus Future Fund can be found here. This Scheme is newly announced and further guidance is expected.
A UK Government business support website can be found here. It contains guidance on all Coronavirus financial measures and business advice.
A UK Government general COVID-19 support website can be found here. It contains guidance on all matters pertaining to the Coronavirus.
We will continue to monitor the situation and keep you informed. If you have any concerns, please do not hesitate to contact us. Like you, we are doing our best to deal with the situation, and we must all pull together to see this through.