UK Government Releases Full Details of its Future Fund Scheme to Support Innovative Companies Facing Financial Difficulties Due to COVID-19

UK Government Releases Full Details of its Future Fund Scheme to Support Innovative Companies Facing Financial Difficulties Due to COVID-19

May 29, 2020, Covington Alert

The UK Government has released the full details of its Future Fund scheme, including the application process, together with the template convertible loan agreement. The Future Fund, the headline terms of which were announced on 20 April 2020 (see our Alert of 22 April), launched on 20 May 2020 and will initially be open until the end of September 2020.

The purpose of this briefing is to summarise the key terms of the Future Fund now that full details have been released and to provide insights into the guidance provided that will be of interest to investors and companies who may consider participating in the scheme.