The UK’s fastest-growing small businesses have been given access to an additional £200m of Government-backed funding to underpin their continued success as the UK prepares to leave the European Union (EU).
The funds will be released through the bank’s venture capital and growth finance funding partners, with this type of finance typically only available to fast-growing science and tech firms in the past.
Since its establishment in 2014, the British Business Bank has provided almost £6bn of funding to 82,000 smaller firms. This increased provision of scale-up capital will be put to important use for innovative firms in all sectors across the UK.
Robert Jenrick, Exchequer Secretary to the Treasury, hopes that the Bank will continue to support the development of more unicorns in the coming years.
“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,” said Jenrick.
“That’s why we are injecting a further £200 million into the British Business Bank, specifically to back businesses that are starting out and scaling up.”
It’s particularly important for ambitious, small British firms that the Government is committed to ensuring that forward-thinking firms can access the finance they need to grow; particularly given the UK’s changing relationship with the EU’s European Investment Fund.
Kelly Tolhurst, Business Minister, said: “We are fully committed to supporting small businesses to succeed as part of our modern Industrial Strategy, while building the UK’s status as one of the best places to start and grow a small business.
“This funding, supported by the Government-backed British Business Bank, will play a key role in supporting innovative firms access the finance they need to grow and thrive.”