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Funding boost for innovative High Peak businesses

Wednesday, 20 May 2020 16:40

Companies in High Peak can now apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors such as technology, life sciences and the creative industries.

The Government has made an initial £250 million available for investment through the Future Fund scheme and has said it will consider increasing the amount if needed.

Private investors - potentially including venture capital funds, angel investors and those backed by regional funds - have said they will at least match the government investment in these companies.

Match fund investors will be encouraged to sign the Treasury’s Investing in Women Code, which commits firms to improving female entrepreneurs’ access to tools, resources and finance. The Future Fund is also a signatory of this commitment.

The Government has said it will amend the rules of the Enterprise Investment Scheme, which provides tax relief to investors in high growth firms, to protect Future Fund investors from losing relief on their previous investments made prior to any investment through the Future Fund.

The Future Fund will be open until September and is delivered in partnership with the British Business Bank.

In addition to the Future Fund, ministers have allocated £40 million through the Fast Start Competition to drive forward new technological advances, and to support innovative start-ups, including a virtual-reality surgical training simulator and an online farmers’ market platform. It's designed to give companies a vital boost, fast-tracking the development of innovations borne out of the coronavirus crisis.

High Peak MP Robert Largan commented: "The Future Fund is great news for high growth and innovative businesses here in High Peak, helping them build the bridge from today’s severe challenges to the recovery from the pandemic.

"I will keep working to get more investment into High Peak so businesses here can survive and thrive. It is essential that talent across the breadth of the country is able to benefit from government support and drive forward economic dynamism." 

Main image:

Chancellor Rishi Sunak. 

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