A new £140 million for small and medium sized businesses in the East of England has been launched by the British Business Bank (BBB).
The East of England Investment Fund is part of the Bank’s efforts to provide finance to SMEs in every UK nation and region outside London.
Covering Essex, Suffolk, Hertfordshire, Norfolk and Cambridgeshire, the fund offers loans from £25,000 to £2 million and equity investments of up to £5 million.
The East of England is home to 15% of the UK’s university spinout businesses, but the region only received 9% of the UK’s total equity investment by value last year.
David Hourican, incoming interim chief executive officer at the British Business Bank, said:
“The East of England is home to some of the UK’s most innovative and enterprising businesses, from world leading life sciences to advanced manufacturing and agri-tech.
“The launch of the East of England Investment Fund will play a crucial role in stimulating growth throughout the region by ensuring its businesses have access to the finance they need and deserve.”
Chris McDonald, science, innovation and investment minister, added:
“The East of England is home to small and medium sized businesses that are locally significant and internationally competitive. Many of these are in sectors such as life sciences, technology and clean energy that are growing quickly.
“These businesses need financial support to grow and take advantage of new market opportunities, but I know from my own experience that it isn’t easy if you are located outside of London.
“That’s why the British Business Bank is creating a new fund to support businesses in this region, sitting alongside targeted finance funds for every part of the UK.”
The £120 million South East Investment Fund was launched earlier this month. BBB also has investment funds for businesses in Northern England, Wales, Northern Ireland, Scotland, South West England and the Midlands.
