Government launches £200m funding initiative

Government launches £200m funding initiative

Companies across the UK are set to benefit from a further £200m of government support to ensure they can access the finance needed to grow.

The Exchequer Secretary Robert Jenrick has confirmed the launch of the new initiative, which will be made available through funds supported by the British Business Bank.

The move comes ahead of the UK leaving the EU and the relationship with the European Investment Fund changing.

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 £200m into the British Business Bank, specifically to back businesses that are starting out and scaling up.

British Business Bank chief executive Keith Morgan added: "We welcome HM Treasury's confirmation today that this allocation of £200m 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."