The British Business Bank launches new £150m Investment Fund for Scotland
We look at the launch of Investment Fund for Scotland which provides £150m boost for small businesses.
The British Business Bank has launched its new £150m Investment Fund for Scotland, unlocking additional funding to help smaller businesses to prosper and thrive.
The new fund will drive sustainable economic growth by supporting new and growing businesses in Scotland through investment strategies that best meet the needs of these firms. It includes a range of finance options with loans from £25,000 to £2m and equity investments up to £5m to help small and medium-sized businesses start up, scale up or stay ahead.
The British Business Bank’s Investment Fund for Scotland will be the first solely UK government-backed investment fund for smaller businesses in Scotland, helping to increase the supply and diversity of early-stage finance by providing options to firms that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.
Three fund managers have been appointed to manage the fund. DSL Business Finance will manage the smaller loans part of the fund (£25,000 to £100,000), The FSE Group will be responsible for larger loans (£100,000 to £2m) and Maven Capital Partners will manage equity deals (up to £5m).
Following the launch, the British Business Bank will be holding a series of informational roadshows aimed at people working in the small business finance ecosystem including accountants, enterprise agencies, advisers and more. The first of these will be held in Inverness on 31 October with the second in Edinburgh on 1 November. More towns and cities will be covered in the new year and an online version of the session will also take place on 7 November.
To find out more and apply for funding, visit www.investmentfundscotland.co.uk
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The views expressed are those of the author and not necessarily those of ICAS.