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These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment.

The scheme will deliver an initial commitment of £250m of new government funding which will be unlocked by private investment on a match funded basis.

The government scheme, which will be developed in partnership with the British Business Bank with the intention of launching for applications in May, will initially be open until the end of September.

Over the coming weeks the Bank will work with government on the details on how the Future Fund will operate and how to apply for the scheme.

More details will be published as they become available.