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Debate on SME development

Smith wants start-ups to realise growth potential

Lord SmithLord Smith wants more Scottish firms to scale up their operations instead of selling up at an early stage.

The chairman of the British Business Bank will lead a debate in Glasgow today on growing small firms into the world beaters of tomorrow.

“The British Business Bank is here to help support that ambition. We want to ensure that every Scottish smaller business is aware of and able to access the finance it needs to grow and succeed,” he said ahead of the Financing Scottish Growth Ambitions event at Strathclyde Business School.

“We recognise that Scotland is a world leading centre for angel investing, which can be so critical in the early stages of a business’s development. But we want to see what we can do to develop this angel ecosystem even further to help take those companies it supports to the next level,” said Lord Smith.

“We will shortly be expanding support for the development of regional angel clusters through our Regional Angel Programme, which launches in the Autumn.

“Again, we will be speaking to our counterparts in Scotland so they and the ambitious businesses they support can take full advantage of the programme.”

Working with partners in Scotland, the British Business Bank is already actively supporting Scottish small businesses, currently providing more than £460m to more than 3,600 businesses.

A further 3,300 new businesses have used the Bank’s start up loans programme.

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