Announced back in 2015 by David Cameron, the British Business Bank has now launched the first phase of its Help to Grow scheme. The first phase will see £30m of loans made available through Lloyds Banking Group, and is part of a wider movement to facilitate £100m of growth loans over the next two years.
“The lending will be available to businesses across all sectors, and is expected to benefit most those with high levels of innovation and growth ambition – such as manufacturing businesses, creative industries and the technology sector,” said Keith Morgan, British Business Bank CEO.
“Encouraging and supporting UK businesses to scale-up can be deemed an important milestone,” Morgan added. “We want to replicate the drive and dynamism evident in the UK’s startup culture in later stages of the small business journey, and ‘Help To Grow’ has a critical role to play in achieving that.”
European Commission Vice-President Jyrki Katainen enthused:
“The EIF’s collaboration with the British Business Bank – which is supported by the Investment Plan for Europe – is very important. The UK is full of innovative startups and small business bosses which require a helping hand to grow their companies, and today’s news will certainly help many aspirations become a reality.”