Extra £200 million backing for British business

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.

As the UK leaves the EU and the relationship with the European Investment Fund changes, the government said it remains committed to ensuring that innovative firms can access the finance they need to grow. 

"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," Mr Jenrick said. 

"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," he added. 

Business minister, Kelly Tolhurst, reiterated the government's support to small businesses and their growth. 

"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," said Mr Tolhurst.

The British Business Bank currently supports more than £5.9 billion of funding to 82,000 smaller businesses.