Richard Holden welcomes good news for high growth local companies as more financial help made available

Richard Holden, MP for North West Durham, has welcomed yet more good news for companies across the UK as the Government launches a new financial scheme.

Earlier this week, the Government launched the Future Fund, a scheme set up to allow UK-based companies to apply for a convertible loan of between £125,000 and £5 million to support continued growth and productivity. A convertible loan can be turned into shares for a company, meaning that the new Future Fund scheme is a good option for companies that normally would rely on equity investment and are unable to access other financial support programmes. 

Initially, £250 million will be available for the investment and arrangements have been put in place to increase this figure to £500 million if needed. Private investors will match Government investment into any company. The funding will be available until September and more information about the scheme can be found here, with information about how to apply available here. Information about further financial schemes and funding available can be found here, here, here and here.

Commenting, Richard stated ‘I am really delighted that this fantastic new scheme has been announced by the government – it opens up an enormous amount of investment for companies that are not able to access other financial schemes. It will help to support our British businesses during coronavirus, ensuring growth and allowing businesses to succeed, as well as ensuring that our economy is able to recover much faster from the current public health crisis. Businesses across the North East hat were previously relying on private investors and equity investment will be able to access the scheme and get the financial help they deserve during this difficult time.’

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