BBB’s £150m fund for small firms up and running
The British Business Bank today formally launches its £150 million Investment Fund for Scotland which was first announced two years ago by Rishi Sunak when he was Chancellor as part of a £1.6 billion pot to help smaller businesses across the UK.
In January this year, the bank said it was seeking managers and three have been appointed. DSL Business Finance will manage the smaller loans part of the fund (£25,000 to £100,000), the FSE Group will be responsible for larger loans (£100,000 to £2 million) and Maven Capital Partners will manage equity deals (up to £5 million).
The bank’s Investment Fund for Scotland will be the first solely UK government-backed investment fund to help increase the supply and diversity of early-stage finance for firms that might otherwise not receive investment.
Support is offered for expansion, product or service innovation, new processes, skills development, and capital equipment.
Following today’s launch, the British Business Bank will be holding a series of information roadshows.
The first of these will be in Inverness on 31 October and the second in Edinburgh on 1 November. More venues will be announced in the new year and an online version of the session will also take place on 7 November.