Update on the Future Fund
The UK Government has now provided some further detail around the Future Fund which opens for applications from Wednesday 20th May. Rather than reiterate some of the basic eligibility criteria as outlined in my previous article (available here) I thought it would be useful to provide a quick summary of the key updates.
The application process will go live on Wednesday 20th May via an online portal. The application must be completed by the lead investor rather than the company. The lead investor will need to have the following information to hand to complete the application:
- Applicant’s personal information – information on the individual completing the application, including an upload of the individual’s photo identification (passport, driving licence or identity card)
- Lead investor’s details – information on the investor making the match funding application
- Other investors’ details – information on all other investors who will be making up the match funding (only required for investors applying as a group)
- Investment information – the full amount of proposed funding
- Company information and contact details – information on the company receiving the loan and contact details of a statutory director or the company secretary
It is expected that applications will be processed and either approved or rejected within 21 days, however this timeline may well be dependent upon the level of uptake and the number of applications that will need to be processed.
While great care has been taken in the preparation of the content of this article, it does not purport to be a comprehensive statement of the relevant law and full professional advice should be taken before any action is taken in reliance on any item covered.