The Association of Investment Companies (AIC) has said it welcomes the UK government's new initiative announced yesterday, the Future Fund.
The fund will provide loans to the UK's "innovative companies" which are suffering financial difficulties due to the coronavirus outbreak. The government's loans will range between £125,000 and £5 million and will be matched by private sector money from venture capital investors.
Ian Sayers, chief executive of the AIC (pictured), said: "The Government's plan to provide loans to some of the UK's most innovative companies is really encouraging. Coronavirus has had a devastating impact on the economy and it's particularly important that these high-growth, dynamic companies survive, grow and thrive."
As ever the devil is in the detail, and we look forward to engaging with the Government to understand more about the loan scheme when further information is available."
Sayers added: "As ever the devil is in the detail, and we look forward to engaging with the Government to understand more about the loan scheme when further information is available."
"Venture Capital Trusts (VCTs) support these types of innovative companies with high potential for growth in sectors as diverse as healthcare, retail and green technology. VCTs meet the funding gap for these companies but also provide wider expertise and support to help them grow. It is vital that the UK provides a fertile environment for these dynamic companies which have the potential to grow into tomorrow's household names."