The British Business Bank is providing £200 million in additional funding to support high-growth firms across the UK.
The bank currently supports more than £5.9 billion of funding to 82,000 smaller businesses, working with over 120 finance partners to deliver finance that companies need to grow.
The additional funds will be provided by the UK government and targeted specifically at businesses that are starting out and scaling up.
Keith Morgan, CEO of the British Business Bank, said: “This allocation of £200 million 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.”
Companies in the science and technology sectors have traditionally sought-out this type of funding the most, reflecting their fast-growing nature that leads to rapid expansion and a growing requirement for finance.
The government has broadcast its commitment to ensuring that innovative firms can access the finance that they need in a bid to inspire confidence as the UK prepares to leave the EU, which may block access to European grants that have traditionally supported the sector.
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.”