The UK will provide approximately $312m in convertible debt for coronavirus-affected companies to match private investment, and has earmarked the rest for its Innovate UK agency.

The UK government announced up to £1bn ($1.25bn) in support for innovative companies affected by the Covid-19 pandemic today.

The government is putting up £250m for an initiative called the Future Fund, which will offer convertible debt financing to domestic startups affected by the Covid-19 pandemic.

Future Fund will provide loans sized between £125,000 and £5m to UK-based companies in partnership with the state-owned British Business Bank, in the form of co-investment, matching capital supplied by private investors to make…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.