British Business Bank invites applications for the National Security Strategic Investment Fund Programme to support development of advanced dual-use technologies
The British Business Bank is today inviting early-stage venture and growth capital fund managers to apply for the National Security Strategic Investment Fund (NSSIF) Programme, and for other investors to explore how they might invest alongside the Bank in the programme.
The NSSIF Programme will support long-term equity – ‘patient capital’ – investment in advanced technologies to build on the UK’s role as both a leading centre for innovation and as a global hub for venture capital.
It aims to combine the best expertise from the public and private sector to foster the growth of high potential UK companies and support the development of dual-use advanced technologies which can contribute to the national security mission.
The NSSIF Programme operates in conjunction with the Bank’s existing Enterprise Capital Fund (ECF) and British Patient Capital (BPC) programmes, which aim to increase the volume, diversity and accessibility of longer term finance so that smaller businesses can access the finance they need to achieve their growth ambitions
As well as fulfilling the requirements of either the ECF or BPC programme, applicants will also need to demonstrate strong alignment with the NSSIF Programmes objectives and requirements, in particular through their proposed investment strategy and technical expertise.
Keith Morgan, CEO, British Business Bank, said: “The NSSIF programme is designed specifically to increase the amount of patient capital available to high growth potential innovative tech businesses.
“Early-stage venture and growth capital fund managers with expertise in the field of security technology can download our programme guidance from our website. We are also encouraging GPs, LPs and potential co-investors to make contact with the British Business Bank to explore how they can get involved.”
The £85m NSSIF Programme was first announced by the Chancellor as part of the Autumn Budget 2017. The Programme will remain open for applications until the existing available funds have been committed, or such earlier time as the Bank determines. Depending on the success of its initial phase, future funding allocations may become available.
More information on NSSIF, and links to relevant programme guidance, is available at https://www.british-business-bank.co.uk/national-security-strategic-investment-fund/, or interested parties can contact the British Business bank team at firstname.lastname@example.org.
A set of briefing slides can be viewed here.
For further information:
British Business Bank
Suzanna Jebbitt, British Business Bank, email@example.com
Scott Shearer, British Business Bank, Scott.Shearer@british-business-bank.co.uk
Notes to Editors
About the British Business Bank
The British Business Bank is the UK government’s economic development bank.
Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting almost £5.2bn of finance to nearly 75,000 smaller businesses (as at end of March 2018).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
- The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at thebusinessfinanceguide.co.uk/bbb.
- The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.