COMPANIES in Pendle can now apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors as diverse as technology, life sciences and the creative industries.

The government has made an initial £250 million available for investment through the Future Fund scheme and will consider increasing this if needed. Private investors - potentially including venture capital funds, angel investors and those backed by regional funds - will at least match the government investment in these companies.

Andrew Stephenson, the MP for Pendle said: “The Future Fund is great news for high growth and innovative businesses here in Pendle, helping them build the bridge from today’s severe challenges to the period of recovery, enabling them to survive then thrive.”

The aim is to support firms across the UK to get through the pandemic by stimulating investment.

Match fund investors will be encouraged to sign the Treasury’s Investing in Women Code, which commits firms to improving female entrepreneurs’ access to tools, resources and finance. The Future Fund is a signatory of this.

The government will also amend the rules of the Enterprise Investment Scheme, which provides tax relief to investors in high growth firms, to protect Future Fund investors from losing relief on their previous investments made prior to any investment through the Future Fund.

The Fund will be open until September and is delivered in partnership with the British Business Bank. In addition to the Future Fund, Ministers have allocated £40 million through the Fast Start Competition to drive forward new technological advances, and to support innovative start-ups, including a virtual-reality surgical training simulator and an online farmers’ market platform. This aims to give companies a vital boost, fast-tracking the development of innovations borne out of the coronavirus crisis.

Latest figures on the UK-wide government support schemes for businesses and workers can be found at: https://bit.ly/2TsoTHl