British Business Bank Launch Help To Grow
British Business Bank has launched the first phase of Help to Grow with plans to support around £200 million of growth loans in its fist two years.
Supported by the European Investment Fund, the programme will see the first £30 million lending accessible to growing businesses through Lloyds Banking group.
Loans of up to £2 million will fund the development of new products and processes, stimulate research and innovation and help businesses target new export markets.
Businesses from across all sectors will have access to the Help To Grow funds – especially disruptive innovative companies such as manufacturing businesses, creative industries and the technology sector.
Keith Morgan, CEO, British Business Bank, said: “This first £30m of the British Business Bank’s Help to Grow programme will enable innovative and ambitious smaller businesses to raise the debt they need to fund their growth opportunities. It is an important milestone for the British Business Bank in our ambitions to encourage and support UK businesses to scale-up and achieve their potential.
“We want to replicate the drive and dynamism evident in the UKs start-up culture in later stages of the small business journey, and Help To Grow has a critical role to play in achieving that.
“We are pleased to announce our partnership with Lloyds Banking Group and to be working with the European Investment Fund to bring this vitally important finance to the UK market.”
Chris Loring, Lending Products MD, Lloyds Banking Group added: “We are excited to be the first bank to deliver this £30m tranche of Help to Grow which will help ambitious businesses become more innovative, access new international markets and help Britain prosper.”