The government has stated that it will provide high-growth UK businesses with an additional £200 million in funding.
According to the government, the funds will be made available to innovative businesses to ensure they can ‘access the finance they need to grow’.
The Exchequer Secretary to the Treasury, Robert Jenrick, said that the government is ‘determined to make the UK the best place in the world to start and grow a business’.
The funding will be supported by the British Business Bank, and will be made available to firms as the UK leaves the EU. The Bank currently supports more than £5.9 billion of funding to 82,000 small businesses.
‘We are fully committed to supporting small businesses to succeed as part of our modern Industrial Strategy, while building the UK’s status as one of the best places to start and grow a business,’ said Business Minister Kelly Tolhurst.
‘This funding, supported by the government-backed British Business Bank, will play a key role in supporting innovative firms to access the finance they need to grow and thrive.’