The U.K. government has announced a £1.25 billion ($1.6 billion) support package to help tech start-ups survive the coronavirus pandemic.

Start-ups across the country have been crying out for more financial support after rivals in France and Germany were given access to funds of 4 billion euros ($4.4 billion) and 2 billion euros respectively.

Many young tech firms say they haven't been able to access emergency funds set aside for small businesses as the criteria for applying shuts off companies without a history of consistent profits. It's normal for venture capital-backed tech companies to prioritize growth over profitability, with a plan to make money further down the road.

The rescue plan, unveiled by British Finance Minister Rishi Sunak on Monday, is made up of two initiatives. The first is a £500 million "Future Fund" loan scheme for high-growth start-ups, which is aimed primarily at the nation's early stage start-ups.

Through the scheme, set to run from May to September, the government will commit an initial £250 million, while the private sector is expected to make up the other half. The Treasury said it will keep the size of the fund under review.

Non-listed U.K. start-ups will be entitled to loans of £125,000 to £5 million, with private investors matching government financing. To be eligible for a Future Fund loan, start-ups must have raised at least £250,000 from investors in the last five years.

The loans will automatically convert to equity in a start-up's next funding round, or at the end of the loan if the debt hasn't been repaid. A number of high-profile figures in Britain's tech industry had been pushing for this co-investment model.