Innovative businesses across the country are set to benefit from a further £200 million of government support to ensure they can access the finance they need to grow when the UK departs the EU this year.
After Brexit, the relationship with the European Investment Fund will change and the government says it is committed to ensuring that innovative firms can flourish.
The British Business Bank will be providing funds through its venture capital and growth finance funding partners. This type of funding has traditionally been sought by fast-growing firms in the science and technology sectors. The aim is to make the UK an attractive place to start and grow a business – thereby boosting the national economy.
The Exchequer Secretary to the Treasury, Robert 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 starting out and scaling up."
British Business Bank CEO, Keith Morgan, said:
"We welcome HM Treasury’s confirmation 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."
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