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Future Fund

Question for Department for Business, Energy and Industrial Strategy

UIN 77451, tabled on 18 November 2021

To ask the Secretary of State for Business, Energy and Industrial Strategy, how many applications for the Future Fund were (a) successful and (b) unsuccessful in each region of the UK, and what steps his Department has taken to help ensure equal distribution of funding across the UK.

Answered on

26 November 2021

A total of 1,190 Future Fund applications were successfully completed. The number of Convertible Loan Agreements (CLAs) issued in each region of the UK is provided in the table below. A total of 655 applications for the Future Fund were unsuccessful. A regional breakdown of these applications is not available as the information has not been verified.

The location of Future Fund applicants broadly reflects the distribution of equity investment across the UK. The British Business Bank addresses regional disparities in access to finance through its regional investment funds and the Regional Angels Programme, both of which were extended at the recent Spending Review.

Region

CLAs issued

East Midlands

21

East of England

90

London

649

North East

30

Northern Ireland

13

North West

84

Scotland

23

South East

134

South West

43

Wales

25

West Midlands

30

Yorkshire and the Humber

32

Other

16

Total

1,190

Note: The ‘Other’ category includes companies based in the Channel Islands and companies that participated in an accelerator programme that mandated incorporation of the ultimate parent company in a non-UK jurisdiction.