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The UK BioIndustry Association has stated its support of a government led funding initiative, Future Fund, which will support innovative companies in the United Kingdom that will help to ensure the country’s leading position in science, innovation, and technology.
The UK BioIndustry Association (BIA) has stated its support of a government led funding initiative, Future Fund, which will support innovative companies in the United Kingdom that will help to ensure the country’s leading position in science, innovation, and technology.
Run by the British Business Bank, the Future Fund, launched on Wednesday May 20, 2020, provides convertible loans to businesses that are currently impacted by COVID-19 and usually rely on equity investment. Loans worth between £125,000 (US $153,350) and £5 million (US $6.1 million) are available through government support and then third-party investors, that see potential in the pre-revenue or pre-profit businesses, can match the government commitment or provide extra investment.
“We’re very pleased to see these support measures rolled out. There are thousands of strong and promising life science companies across the UK facing severe unexpected pressures and this support will help them weather the storm. The UK is the third global hub for life sciences so this action from government is vital to ensure we do not lose that world-leading position,” said Dr. Martin Turner, head of policy and public affairs at BIA, in a May 20, 2020 press release. “The continuity grants and loans will allow hundreds of promising life science companies that are already in receipt of Innovate UK grants to emerge from the COVID-19 storm in a strong position to continue their R&D programs and grow their businesses. The disruption caused by the pandemic has made laboratory research impossible for many companies and slowed or halted clinical trials across the UK, this additional grant funding and business support will help companies make up for lost time.”
Applications for the financing initiative are now open and can be submitted via an online platform and will be based on a set of standard terms and eligibility criteria.