Louis Taylor
• New investment fund to be launched for the South East as part of a £350m regional package delivered by the British Business Bank
• Targeted finance to help smaller businesses access growth capital and support local innovation clusters
• Part of a wider £2.6bn commitment to back entrepreneurs and strengthen regional economies, as part of the UK’s modern Industrial Strategy
Businesses across the South East of England are set to benefit from £350 million in new funding as part of the British Business Bank’s expanded efforts to unlock entrepreneurial potential and drive regional growth.
The new funding – shared between the East and South East of England – was announced today by the Secretary of State for the Department for Business and Trade, as part of a wider £2.6 billion government-backed commitment to support high-potential entrepreneurs and smaller businesses across the UK’s Nations and regions.
The British Business Bank, the UK government’s economic development bank, will deliver the investment through a dedicated Nations and Regions Investment Fund for the South East of England. The fund will provide tailored equity and debt finance to smaller businesses, particularly those located outside of established finance centres.
The South East fund forms part of the Bank’s wider efforts to strengthen regional innovation, including a targeted £100 million boost to existing investment funds and expansion of the Regional Angels Programme to improve access to early-stage equity finance. It will also support new angel investors and emerging fund managers, aiming to enhance diversity in UK investment.
Additional funding will also see the rollout of dedicated Cluster Champions. These are individuals with local expertise who connect high-potential firms to investors and financial networks within ten key UK innovation clusters, aligned with the government’s Industrial Strategy sectors.
Tackling funding gaps across the South East of England
These funds aim to tackle an identified funding gap across the South East of England and increase the supply and diversity of early-stage finance for smaller businesses. The new fund will cover the entire South East region including Berkshire, Buckinghamshire, East Sussex, Hampshire, Isle of Wight, Kent, Oxfordshire, Surrey and West Sussex.
This follows the success of the British Business Bank’s six Nations and Regions Investment Funds in Scotland, Wales, Northern Ireland, the North of England, Midlands and the South West.
Louis Taylor, CEO, British Business Bank, said: “The forthcoming launch of the £350 million Nations and Regions Funds for the East and South East of England marks a significant step in addressing regional finance gaps and supporting the growth of innovative businesses in areas less well-served by finance providers.
“We are committed to unlocking the potential of UK entrepreneurs, no matter their background or location. This announcement, as part of an additional £2.6 billion of capital for the Bank, reinforces the government’s support for our mission to drive the growth of smaller businesses across the UK’s Nations and regions, ensuring they have the finance and resources needed to thrive and contribute to the UK’s economic success."