Future Fund publishes diversity data of companies receiving convertible loan agreements

  • £770.8m worth of convertible loans approved for 745 companies
  • 42% of funding to companies outside London worth £320.6m
  • 81% of funding to mixed gender senior management teams
  • 61% of funding to mixed ethnicity senior management teams

Today the British Business Bank publishes Future Fund data that gives a detailed picture of the 745 companies that have been approved for £770.8m worth of Convertible Loan Agreements since the scheme was launched on 20 May. There have been 1,243 applications in total since the scheme was launched.

This data shows where companies are based across the UK and the composition of the senior management teams by gender and ethnicity. This data is self-reported by the companies applying to the Future Fund.

Data by region

The data reveals, 42% of funding approved to companies for convertible loan agreements worth £320.6m have their headquarters located outside of London. Of the total amount of £770.8m, 16% is to companies headquartered in the South (South East and South West), 11% in the North (North West, North East and Yorkshire and the Humber), 8% in the East of England, 3% in the Midlands (East Midlands and West Midlands) and 2% in the Devolved Nations (Scotland, Wales and Northern Ireland). London accounts for 58% of companies, in-line with the wider market trends for equity investments. The British Business Bank’s 2019/20 Small Business Finance Markets report showed that London received 66% of equity investment by value in 2019.

Data by gender mix of senior management team

Of the 745 companies that have been approved and received their Convertible Loan Agreements for signature, 81% of funding is to companies with mixed gender senior management teams. Since the launch of the Future Fund more than 30 venture capital firms and angel groups have become signatories to the Government’s Investing in Women Code, alongside the Future Fund.

As part of its commitment to sign HM Treasury’s Investing in Women Code, the Future Fund will supply HM Treasury with statistics on founder gender. HM Treasury intends to publish the inaugural Investing in Women Report later this year.

Data by ethnicity mix of senior management team

Black, Asian and minority ethnic (BAME) only and mixed ethnicity management teams account for 65% of funding to companies that have been approved for Convertible Loan Agreements so far, worth £459.2m.

The British Business Bank will publish a report examining the state of Entrepreneurship in the UK in the autumn. This will include data on ethnicity in addition to gender and location.

Future Fund data by gender of company senior management team (self-reported by applicant)

Management TeamNo. of
convertible loans
Value of
convertible loans approved
All female team9£12.2m
All male team189£126.5m
Mixed gender team516£591.8m
Chose not to provide data 31£40.2m
Grand Total745£770.8m

 Future Fund data by ethnicity of company senior management team (self-reported by applicant)

No. of convertible loans approvedValue of convertible loans approved
All BAME team40£29.0m
All white team289£249.8m
Mixed ethnicity team355£430.2m
No info given61£61.7m
Grand Total745£770.8m

Future Fund data by location where company applying to Future Fund is based 

 No. of convertible loans approvedValue of convertible loans approved
East Midlands7£7.7m
East of England56£65.4m
North East22£19.7m
North West40£43.0m
Northern Ireland8£7.1m
South East88£109.2m
South West30£17.9m
West Midlands23£18.6m
Yorkshire and the Humber24£19.7m

The Future Fund uses an online platform based on a recognised financial instrument, and a set of standard terms with published eligibility criteria. The process provides a clear, efficient way to make funding available as widely and as swiftly as possible without the need for lengthy negotiations.

Official statistics report senior management team composition because Future Fund is available to many companies beyond early stage. Our analysis of the company founder data, where available, shows it tracks above market figures for gender diversity.


Further Information

British Business Bank James Burnham

Senior Communications Manager

020 377 21312 / 07880 063 474

British Business Bank

Mary Whenman

Director, Communications

0203 905 1495 / 07799 860 980

The British Business Bank Team at MHP Communications

020 3128 8589

Notes to Editors

The data shown is as per 6.00pm, October 18th, 2020.

Future Fund

The Future Fund will support the UK’s innovative businesses currently affected by Covid-19. These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment. Initially, £250 million was made available by the government for investment through the scheme, to be matched by private investors, with the Treasury making clear the amount could be increased if needed. Due to the popularity of the Fund, more funding is being made available. Developed by government and delivered by the British Business Bank, the Future Fund launched for applications in May and will be open until the end of November.

To date, £770.8m worth of convertible loans have now been approved under the Future Fund. This sum has been matched by at least the same amount from third-party investors. Operating on a commercial basis the Future Fund unlocks additional third-party investment on a match funded basis, creating a bridge to the next equity funding round for innovative companies with good potential.

Application processes are expected to take a minimum of 21 days from initial application to funding being awarded, providing applicants provide all the information required.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank programmes were supporting more than £8bn of finance to over 98,000 smaller businesses at end of March 2020. Since March 2020, the British Business Bank has launched four new Coronavirus business loan schemes, delivering tens of billions of pounds of finance to over a million businesses.

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

  • The British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The site also features case studies and lessons from real businesses to guide businesses through the process of applying for growth finance.
  • The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at

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