Firms across the UK are to benefit from a further £200m in government support to ensure that they can access the finance they need to grow. As the UK leaves the EU and the relationship with the European Investment Fund changes, the government has said it remains committed to ensuring that innovative firms can access the finance they need to grow.
Marking the launch of the new funding today, exchequer secretary, Robert Jenrick said ministers were determined to make the UK the best place in the world to start and grow a business. "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," he said.
The bank will provide funds through its venture capital and growth finance funding partners. It currently supports more than £5.9bn 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 CEO, Keith Morgan welcomed the news of this "much-needed scale-up capital".
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