Future Fund open today
The Future Fund opened for applications today to support innovative UK companies with good potential, that are essential in ensuring the UK retains its world leading position in science, innovation and technology.
These companies typically rely on equity investment and are currently affected by Covid-19. Until now these companies have been unable to access other government business support programmes because they are either pre-revenue or pre-profit. The financing supports companies facing a significantly extended length of time between funding rounds, due to the impact of the current economic situation. Financing will be unlocked by additional third-party investment on a match funded basis.
We have now issued business grants totalling £34,670,000 to over 2750 Portsmouth businesses. There are still some businesses who haven’t claimed their grants, please keep spreading the word and encourage businesses to get in touch with us if they are not sure if they qualify. The grant does not have to be repaid and businesses who are permitted to open are still entitled claim it.
We are currently finalising the details of the discretionary grant scheme which will provide funding for some of the businesses who weren’t eligible for other schemes. We are finalising the criteria and information on how to apply will be available soon. Please do not call as we have no further information at this stage.
Coronavirus job retention scheme
Check if you can claim wages through the Coronavirus Job Retention Scheme and find out how to claim through the link below. Last week it was announced that:
- the Coronavirus Job Retention Scheme will continue until the end of October
- furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500 per month
- new flexibility will be introduced from August to get employees back to work and boost economy
From the start of August, furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff. More specific details and information around its implementation will be made available by the end of this month.
Free billboard ads for small businesses
Clear Channel are offering small businesses the opportunity to apply for free advertising on their Adshel live screens.
The opportunity is open local companies which have not previously booked a campaign with Clear Channel, are located within 1 mile of an Adshel Live screen and are permitted to be open and operating during the coronavirus pandemic.
Closing date 30 June 2020.