British Business Bank publishes Reservation Notice and Ministerial Direction for the Future Fund
Today, the British Business Bank has published a Reservation Notice relating to the Future Fund. This took the form of a letter from Keith Morgan CBE, (former) Chief Executive Officer & Accounting Officer, British Business Bank, written on behalf of the Board, to Rt Hon Alok Sharma MP, Secretary of State, Department for Business, Energy & Industrial Strategy. It was sent on 18 May 2020 in advance of the scheme being launched on 20 May 2020.
About the Future Fund
The purpose of the Future Fund is to support innovative UK companies with good potential, that typically rely on equity investment and are currently affected by Covid-19. These companies have been unable to access other government business support programmes because they are either pre-revenue or pre-profit. The Future Fund will help these companies through the current period of economic disruption and the recovery, so they are able to continue their growth trajectory and reach their full economic potential. The Future Fund was developed by Government and is being delivered by the British Business Bank.
Due to the unprecedented situation facing smaller businesses across the UK and the need to support investment in innovative UK companies with good growth potential, the Bank was directed by the government to implement the Future Fund.