Today the government announced a new scheme for venture capital-backed, early-stage businesses which are facing financing difficulties due to the COVID-19 outbreak. The £500 million Future Fund will be delivered in partnership with the British Business Bank, and provide UK-based companies with between £125,000 and £5 million from the government, with private investors at least matching the government commitment.
Responding to the new measure, Moore, the Director General of the British Private Equity & Venture Capital Association (BVCA), said:
“The government’s new programme to support venture-backed businesses is very welcome. The UK is a global leader in key aspects of the digital, high technology and life science economies: this scheme recognises the sector’s importance and will help businesses to navigate the COVID-19 crisis as we seek to maintain and develop that leadership position.
We will continue to work with the government on the details and extent of the programme to ensure that the finance achieves the objective of sustaining this strategically-important sector.”
Tom Allchorne, Director, Communications, BVCA
+44 (0)20 7492 0407
FOR FURTHER INFORMATION PLEASE CONTACT THE BVCA
+44 (0)20 7492 0400
TOM ALLCHORNE, DIRECTOR