With the UK set to leave the EU, the relationship with the European Investment Fund will change but the government remains committed to ensuring that innovative, high-growth British businesses can access the finance they need. The Treasury has assigned a further £200 million of government support to help small businesses grow and thrive. The British Business Bank makes finance markets for smaller businesses work more effectively, allowing such firms to prosper and grow – therefore boosting the UK economy.
The Exchequer Secretary to the Treasury, Robert Jenrick, marked the launch of the new funding that will be made available to businesses through funds supported by the British Business Bank. He said Ministers were determined to make the UK the best place in the world to start and grow a business. This type of funding has traditionally been sought by fast-growing firms in the science and technology sectors.
Jenrick, said: “The UK is creating more start-ups and attracting more venture capital funding than any other European country, but we want to do more to ensure our small businesses and entrepreneurs can thrive. That’s why we are injecting a further £200 million into the British Business Bank, specifically to back businesses that are scaling up”.
The British Business Bank currently supports more than £5.9 billion of funding to 82,000 smaller businesses. Businesses that have benefited from this type of funding include artificial intelligence firm, Quantexa, and technology company, Improbable Worlds Limited. British Business Bank will provide funds through its venture capital and growth finance funding partners.
CEO of the British Business Bank, Keith Morgan, said: “We welcome HM Treasury’s confirmation today that this allocation of £200 million is now available to increase provision of much-needed scale-up capital for innovative businesses across the UK. We look forward to putting the funding to good use through our delivery partners to enable such businesses to get the funding they need to grow and prosper.”
Douglas Graham, finance Direct of NCM said, “NCM are looking forward to working with more fund managers who benefit from BBB funding. We currently act for a number of funds into which BBB invest across the ECF and other programmes.”