Caroline Welcomes £1.3bn Government Start-up Support

Caroline Dinenage has today warmly welcomed the Government has new support scheme for high growth start-up businesses  – the ‘Future Fund’ will help them face the economic hardships caused by Covid-19.

The Gosport MP, who is also Minister of State for Digital, Culture and Creative Industries at the Department for Digital, Culture, Media and Sport, has warmly welcomed the Future Fund, which is backed by £1.3 billion.  The Fund will launch in May to support innovative new companies that may not been eligible for some of the record levels of business support put in place by the Government. Convertible loans between £125 000 to £5 million will be provided to UK-based companies and be subject to at least equal match funding from private investors.

More details regarding the Future Fund will be revealed tonight by Chancellor, Rishi Sunak, in the daily Downing Street press conference around 5pm.

Local MP, Caroline Dinenage, commented:

“As a DCMS Minister I have been holding weekly virtual-roundtable meetings with the Digital & Tech sector and the Creative Industries and feeding back their concerns to the Treasury. I’m delighted that the Chancellor and Government have responded to business needs and provided this vital lifeline of support during these incredibly hard times.

“Our high-tech and innovative small businesses are one of the driving forces of growth in our economy, and will be vital in our future efforts to rebuild after Covid-19. I looking forward to seeing how the Future Fund will support start-ups locally and across the country.”

Since the outbreak of Covid-19 in Britain in March, the Government and Treasury have announced an unprecedented package of support to both individuals and businesses large and small as they are financially hit. Although support has been wide ranging, the Government has continued for over a month to listen to banks, businesses and individuals and reveal new packages of support where possible and appropriate. This announcements is one of many, and many more to come, to back businesses and help Britain bounce back.