To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the number of UK start-ups whose Future Fund loans will be converted to equity.
24 June 2020
As of 21 June, 252 convertible loans have been approved under the Future Fund, with a total value of £236.2 million.
We are currently monitoring scheme uptake and total uptake statistics are published weekly here: https://www.gov.uk/government/collections/hm-treasury-coronavirus-covid-19-business-loan-scheme-statistics.
The convertible loans issued under this scheme will automatically convert to equity in recipient companies in the next qualifying equity financing round. There may also be other circumstances in which loans would either convert into shares or be repayable, such as: specific exit events; maturity of the Loan; or on an event of default by the Investee Company.
As a result, we are unable to make an estimate on the number of conversions at this time.