What is the cut-off point for new applications and how does this impact existing applications?
The Future Fund is open for new applications to be made until 23:59 GMT on Sunday, 31 January 2021. The portal will then be closed to new applications.
A new application is an application that has been correctly completed and submitted by a lead investor and matched by the investee business. If an application is not correctly completed and submitted by the cut off date, it will be rejected as an incomplete application.
The portal will remain open to existing applications that have been correctly completed and submitted by the cut off date. We will continue to keep these applicants informed of progress and work with them beyond 31 January 2021 to complete the next steps. All applications will need to have been accepted and legally completed, with the relevant CLA executed by all parties, including the Future Fund, by 23:59 GMT on Wednesday 31 March 2021.
Are prospective applicants that are not ready to apply by Sunday 31 January 2021 able to submit their interest by this date and then retrospectively complete their application?
No, please ensure that all preparatory work and confirmations required for an application are completed and approved by the business ahead of Sunday 31 January 2021. Any changes to the application (such as a change in the lead investor or change to investment amount) after this date may delay the processing of the application or may result in the application being rejected.
Please refer to Application Guidance https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/future-fund/application-guidance/ for advice to investors and companies applying to the Future Fund.”
I have submitted an application that is currently being processed. What happens if this processing has not been completed by 23:59 GMT on Sunday 31 January 2021?
Applications submitted by a lead investor that have been matched by the business by 23.59 GMT on Sunday, 31 January 2021 will continue to be processed after Sunday 31 January 2021. Such applications will need to have been accepted and legally completed, with the relevant CLA executed by all parties, including the Future Fund, by 23:59 GMT on Wednesday, 31 March 2021.
If I identify after the application closure date that a co-investor is not eligible (based on their application), will there be an option to submit a new application after Sunday 31 January 2021?
A new application cannot be submitted after 23:59 GMT on Sunday, 31 January 2021. Should one of your co-investors not be eligible (e.g. a connected party), you will not be able to receive matched funding for their investment. Accordingly, please ensure you have sought advice from your advisers on the eligibility criteria and that your application and parties involved satisfy these fully. Should you have any questions on this, please refer to the FAQs on our website or contact us by email, web form and telephone.