A new Future Fund to support innovative UK companies through the impact of the coronavirus outbreak will open for online applications on Wednesday 20 May.
The scheme has been set up to support companies which are essential in ensuring the UK retains its world leading position in science, innovation and technology but which have, up until now, been unable to access other government business support programmes because they are either pre-revenue or pre-profit.
Developed by government and delivered by the British Business Bank, the Future Fund will provide up to £250 million of funding, which will be unlocked by additional third-party investment on a match funded basis. The scheme is initially open for applications until the end of September 2020.
Scottish solicitors will play a key role in assisting clients to access the convertible loans and will facilitate settlement. It is a requirement of the scheme that this is carried out by a UK regulated solicitor permitted to receive and hold client money. Solicitors will also provide legal advice on the scheme to third-party investors or the investee company.
The Law Society of Scotland Professional Practice team has worked with the British Business Bank to ensure that the roles required of a Scottish solicitor in the proper administration of the scheme, are compliant with our rules on professional conduct and accounts rules.
Further information on all aspects of the scheme including eligibility criteria, scheme documentation and information and FAQs for solicitors can be found on the British Business Bank website.