"Having started and owned a business myself, I know how difficult it can be to scale up. I am delighted that funding will be available to help encourage entrepreneurs and small businesses to grow, boosting our economy." Caroline Dinenage MP.
The government has given the British Business Bank an extra £200 million to finance markets for small businesses aiming to help them expand and prosper.
The funding is part of the Government's commitment to ensure that as we leave the European Union and the UK's relationship with the European Investment Fund changes, businesses still have the support and funding to expand.
The British Business Bank already supports 82 000 smaller businesses through more than £5.9 billion. Through venture capital and growth finance funding partners the funding given to the British Business Bank will help even more high growth businesses.
Local MP, Caroline Dinenage, commented:
"This is great news for local and national businesses. Gosport has one of the lowest job densities in England - 0.5 jobs per person - and I sincerely hope that this funding will be able to help local entrepreneurs and businesses expand.
"It is vital that we support growing businesses that ultimately boost our economy and employment."
The Exchequer Secretary to the Treasury, Robert 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 £200 million into the British Business Bank, specifically to back businesses that are starting out and scaling up.”
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.”
British Business Bank CEO, Keith Morgan, said:
“We welcome HM Treasury’s confirmation today that 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.”