A British Business Bank proposal
The BBB has concentrated over the last three years on the administration of pandemic support schemes. The Times reports that it has had talks with Louis Taylor. She is the new chief of the British Business Bank. They talked about the state economic development agency’s plans to boost investment into UK companies. She talked about a new £200m South West Investment Fund.
This is part of a broader network of regional funds that Ms. Taylor hopes will attract private sector partners. Furthermore, she wants to convince ministers to give the BBB greater independence. She believes it would benefit by being allowed to keep and recycle the proceeds of funds it manages. She said, about SMEs, “We have foresight about future funding for you for a few years. It is accepted that some of that money has to go back to government.” As she says, “This will happen once they get the investment return. If we could recycle the rest for your benefit, that would be terrific.”
Very encouraging, if it comes off! Additional funds to the South West will be very welcome. Also, however, Funds are needed for SMEs around the rest of the Country. This does appear to be the plan. The other question will be regarding the ease with which needy SMEs can access these funds? What will the timescale be over which applications will take? So, If you need of finance for your business, give us a call. Contacted us at BFS on 0800 093 5240 and lets have a ‘no-strings’ conversation about what you need!