In the Spring Budget, delivered on 3 March 2021, the Chancellor pledged another £375 million for the Future Fund – now known as the Future Fund: Breakthrough. This new fund aims to support high-growth sectors like life science and clean tech, more specifically businesses aiming to raise at least £20m of funding. The existing Future Fund closes on 31 March 2021, after the government extended the Fund on 17 December 2020 (it was due to close at the end of January 2021). It offers convertible state-backed loans (from £125,000 to £5m) to innovative UK-based companies, as long as the cash is at least matched by private investors and institutions (e.g. venture capital backers). These loans, if not repaid, will automatically convert into equity stakes (valued at a discount). The scheme aims to help UK-based businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme. To be eligible, you must be an unlisted UK-registered company that has raised at least £250,000 in equity investment in the past five years. The scheme went live in May and is being delivered in partnership with the British Business Bank. The government plans to inject a total of £250m, the maximum term of the loan is 36 months and the interest rate is minimum 8% (minimum) per annum (non-compounding), payable to the government on maturity of the loan.