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Future Fund

Question for Department for Business, Energy and Industrial Strategy

UIN 59769, tabled on 16 June 2020

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.

Answered on

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.

Answered by

Department for Business, Energy and Industrial Strategy