Government announces £200m of funding for SMEs

The British Business Bank has announced a further £200m of funding has become available from today (17 April).

The Exchequer Secretary, Robert Jenrick, marked the launch of the new funding that will be made available to businesses. He said Ministers were determined to make the UK the best place in the world to start and grow a business, adding that this type of funding has traditionally been sought by fast-growing firms in the science and technology sectors.

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.”

Chief executive of the British Business Bank, 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.”