- Additional funding for high growth businesses as UK leaves the EU
- British Business Bank will provide funds through its venture capital and growth finance funding partners
The Exchequer Secretary, Robert Jenrick has 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.
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.Business minister, Kelly Tolhurst, 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.'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.