We are receiving significant volume of requests for assistance with applications for Future Fund CLN funding following the publication of more details of the application process and the CLN document itself yesterday on 18 May. These can be found on the Government and the British Business Bank websites.
The terms are broadly consistent with the headline terms set out previously although there are some tweaks. For example, it appears the parent company of a group must be the applicant, directors cannot participate as part of the matched funding unless they are non-execs or investment directors.
The application process is Lead Investor-led with some applicant company participation and the board must certify certain matters in connection with eligibility and otherwise (although the proforma directors' certificate, though linked, is not yet available).
Whilst commentators have suggested this is not first come first served, the guidance explicitly states otherwise, so please contact us directly if you wish to apply and we can assist you with preparing a clean application and any attendant housekeeping to get ready for taking funds.