UK gov’t: Future Fund scheme has helped 158 firms

The UK Government last week published the names of the 158 companies that have converted loans under the £1.1bn state-backed Future Fund scheme into equity. The program, launched in April 2020 by Chancellor of the Exchequer Rishi Sunak, was designed to support startups and innovative companies struggling to secure money during the Covid-19 pandemic.

This is the first time the British Business Bank, a government-owned business development bank, has listed the firms that received special taxpayer-backed loans. The financial backing comes in the form of convertible loans, giving the UK government an equity share in the business when the loan is eventually converted.

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Source:: Computerworld