Chancellor announces additional £400m for British Business Bank to support innovative scale-up businesses
In his Autumn Statement earlier today, the Chancellor announced that an additional £400m in long-term funding is being made available to the British Business Bank to provide an important boost to the UK’s innovative, scale-up businesses embarking on their ambitious growth journeys.
British Business Bank research indicates that there is a significant gap emerging beyond the seed and early stages which stops many businesses reaching their full growth potential. This additional finance will enable our Venture Capital Programme to broaden its support for investments in later-stage venture and help to close this gap.
Venture capital is just one example of the broad range of equity and debt finance options we have developed and are delivering to smaller UK businesses through our partners. We look forward to expanding our provision of long term funding for innovative, growing companies still further.