The scheme opens on 20 May 2020 and is available on a “first come, first served” basis.

On 18 May 2020, the UK government released a draft of its convertible loan note agreement and details of the application process for the Future Fund scheme, having announced the headline terms of such scheme on 20 April 2020. (See UK Announces New Funds to Support Startups in the COVID-19 Era).

This Client Alert addresses some of the questions that investors and companies are likely to have in relation to the Future Fund scheme.