The Government has announced a further wave of financial support for UK businesses in a bid to ensure that innovative firms are able to access the finances they need to grow.
The additional £200 million will go towards supporting high growth businesses as the UK leaves the European Union and will be provided by the British Business Bank through its venture capital and growth finance funding partners
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 announcement was made by the Exchequer Secretary, Robert Jenrick, who said ministers were determined to make the UK the best place in the world to start and grow a business.
Traditionally this type of funding has been sought by fast-growing firms in the technology and science sectors.
The Government remains committed to ensuring that innovative firms can access the finance they need to grow as the UK’s relationship with the European Investment Fund changes.
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.”