Companies in Solihull 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.
Ministers have 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.
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 will give companies a vital boost, fast-tracking the development of innovations borne out of the coronavirus crisis.
Commenting on the scheme, Julian Knight said:
“This is great news for innovative and growing businesses here in Solihull. The Future Fund will help give them the tools they need to not just survive today’s challenging circumstances, but help put the country back on the path to prosperity.”