High-flying firms across the UK will benefit from a further
£200 million of government support to ensure that innovative
British firms can access the finance they need to grow.
The Exchequer Secretary, , today marked the launch
of the new funding that will be made available to innovative
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.
As the UK leaves the EU and the relationship with the European
Investment Fund changes, the government remains committed to
ensuring that innovative firms can access the finance they need
to grow. 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, , 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 starting out and scaling up”.
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.”
British Business Bank CEO, 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.”
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.
