Extra £200m funding for fast growing UK businesses ahead of Brexit

British businesses will have access to an additional £200m of government-backed support to ensure growth as the UK prepares to leave the EU.

Exchequer Secretary Robert Jenrick announced the launch of the initiative, supported by the British Business Bank, to help fast growing UK businesses during the ongoing economic and political uncertainty arising from Brexit.

Robert Jenrick explained: “The UK is creating more start-ups and attracting more venture capital funding than any other European country, but we want to do more to ensure our small businesses and entrepreneurs can thrive.

“That’s why we are injecting a further £200m into the British Business Bank, specifically to back businesses that are starting out and scaling up.”

The government-backed scheme is the latest to be supported by the British Business Bank, which was founded in 2014 and has already supported over £5.9 bn of funding for thousands of UK SMEs.

British Business Bank CEO Keith Morgan added: “We welcome HM Treasury’s confirmation today that this allocation of £200 million is now available to increase provision of much-needed scale-up capital for innovative businesses across the UK.

“We look forward to putting the funding to good use through our delivery partners to enable such businesses to get the funding they need to grow and prosper.”