Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government what environmental requirements they have imposed on FlyPop as a condition of the funding they awarded to that company; what are the requirements of that funding in relation to Civil Aviation Authority registration; and what due diligence processes were applied to that funding decision.

The Future Fund provides Government loans to UK-based companies, ranging from £125,000 to £5 million. In terms of eligibility, firms qualify for the loans as long as they are able to attract at least equal match funding from private investors, and subject to both firms and investors meeting all the requirements of the scheme. The scheme was launched for firms who are at pre-profit or pre-revenue stage, and who may be ineligible for the various COVID loan schemes, as these firms rely on equity finance rather than debt. The Future Fund does not impose additional conditions on eligible businesses.

The British Business Bank, which manages the Future Fund, has established strong due diligence processes which are built into the portal to ensure firms and investors prove their eligibility. The portal also asks for documentation from investors, firms, and their solicitors, to carry out ‘Know Your Customer’ and anti-money laundering checks, as well as general fraud checks. These measures ensure that fraudulent activity is avoided, in addition to ensuring that the funds have been allocated correctly to the applicant.