Louis Taylor/British Business Bank
British Business Bank launches £150m investment fund for Scotland small businesses
This marks the second of six nations and regions investment funds across the UK, totalling £1.6bn
The British Business Bank is launching a £150m investment fund for small businesses in Scotland.
The fund aims to drive sustainable economic growth in the country, supporting both new and growing businesses across Scotland.
The new investment fund includes loans ranging from £25,000 to £2m and equity up to £5m to help small and medium-sized businesses, ranging from those just getting started to those looking to scale or “stay ahead”.
“With this fund for Scottish businesses, we hope to open the doors to new opportunities for a range of smaller firms looking to get started, grow, and develop across different sectors,” British Business Bank CEO Louis Taylor said.
“We know that access to finance is a key concern for small businesses and are committed to ensuring that founders from all over the country have the same prospects in terms of finance, no matter where they are based.”
Taylor described Scotland as a “nation of entrepreneurs and innovators”, and added that the British Business Bank wants to help create local opportunities, generating an impact that spans beyond the fund.
The investment fund is the second in a series of six new nations and regions investment funds the British Business Bank is launching and follows the launch of a similar fund in the South West in July.
The British Business Bank has committed £1.6bn in total across the new funds to drive economic growth and “break down barriers in finance”.
“This funding boost will be hugely important in giving smaller Scottish businesses the investment they need to grow,” Scottish Secretary Alister Jack said.
“Scotland has some fantastic business success stories, and this new, additional fund will help create even more of them.”