Blog Post
Coronavirus Future Fund
Apr 20, 2020
For innovative companies which are facing financing difficulties due to the coronavirus outbreak
It has now been confirmed that HMRC will soon be introducing a scheme for Startups facing financing difficulties following the outbreak of Coronavirus.
The Future Fund will provide government loans starting from £125,000 to up to £5 million, with the scheme set to launch in May 2020.
Eligibility will be based on the following:
- Your business is an unlisted UK registered company
- Your business can attract the equivalent match funding from third-party private investors/institutions
- Your business has previously raised at least £250,000 in equity investment from third-party investors in the last 5 years
Caveats to be aware of:
- The funding must be used for working capital only and not to repay any other borrowings, pay out dividends or bonus payments to staff
- The Future Fund is considered a convertible loan which will mature after 36 months
- The Government shall receive a minimum of 8% per annum (non-compounding) interest to be paid on maturity of the loan
If you would like to register your interest in this, please do get in touch and we can discuss your options as soon as further guidance is released by HMRC.
In the dynamic landscape of today's workforce, companies strive to attract and retain top talent. One innovative strategy gaining popularity in the UK is the Employee Management Incentive (EMI) scheme. This scheme not only serves as a powerful tool for employee retention but also fosters a sense of shared ownership and commitment.
The unveiling of the Autumn Statement by Chancellor Jeremy Hunt, accompanied by an updated economic forecast from the Office for Budget Responsibility, has laid out the trajectory for the UK's economic policies. Let's delve into the key announcements that will shape the fiscal landscape in the coming years.
Recent developments in the United Kingdom have ushered in substantial changes to the way small businesses report their financial information. With the enactment of the Economic Crime and Corporate Transparency Act, small enterprises, including micro-entities, are now mandated to submit a profit and loss account to Companies House. This development has sparked a diversity of opinions within the business community.
