Bank or government funding should be viewed the same way as personal cash investments. Most likely you had to sign a personal security note or guarantee when you obtained the funding, so these loans will be your sole personal responsibility. Moreover, if you are looking to valuate your company, this can be factored into the equation as an equity contribution on your part (again, because you are personally liable and responsible for these loans).
If to date you have received bank or government funding into your business, Angel Investors will need to recognise this. Not only does this show that other bodies believe in your company but that you also have personal liability for these funds, which demonstrates increased commitment.
The Bottom Line
Even though you didn’t invest your existing cash, always remember that this is still considered the same as investing your own capital. It is your responsibility to highlight this to investors during negotiations.