flypop: Future Fund

(asked on 26th April 2023) - View Source

Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the Written Answer by Lord Callanan on 29 March 2022 (HL6989), whether FlyPop was granted a licence by the Civil Aviation Authority; and if not, what time limits have been set for businesses to become operational before monies obtained through the Future Fund are required to be repaid.


Answered by
Earl of Minto Portrait
Earl of Minto
Minister of State (Ministry of Defence)
This question was answered on 17th May 2023

Licensing is a matter for the Civil Aviation Authority.

The repayment of monies obtained through the Future Fund is not driven by businesses becoming operational. The Future Fund is invested through a standardised 3-year term Convertible Loan Agreement (‘CLA’); the CLA either converts to equity or is repaid in accordance with the terms of the agreement. The full scheme eligibility criteria and rules can be viewed on the British Business Bank’s website.

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