For a sustainable and prosperous UK economy to continue to grow, businesses across the UK need to thrive. The British Business Bank wants to break down particular barriers to finance so that access to finance is a level playing field for all entrepreneurs – wherever they are, whatever their gender, whatever their ethnicity.
The purpose of the Nations and Regions Investment Funds is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the UK, whatever the economic conditions, with an inclusive approach to all eligible sectors.
At Spending Review 2021, the government announced a £1.6 billion commitment to new funding through investment strategies that best meet the needs of the businesses in their nation or region:
- £660m for the Northern Powerhouse Investment Fund, including an expansion into the North East of England
- £400m for the Midlands Engine Investment Fund
- £200m to provide a new South West Investment Fund, building on the Cornwall and Isles of Scilly Investment Fund
- £150m to provide a new Investment Fund for Scotland
- £130m to provide a new Investment Fund for Wales
- £70m to provide a new Investment Fund for Northern Ireland
The British Business Bank is responsible for administering the Nations and Regions Investment Funds on behalf of the UK government. We are establishing investment funds in the areas not currently served by the Bank’s existing regional funding programme before launching follow-on investment funds in existing fund areas. Further details of the new funds will be added to the website in due course, and you can sign up to receive updates here.