Government announces 40m in funding for entrepreneurs
Entrepreneurs in Britain will have access to a new Enterprise Capital Fund worth 40m, small business minister Margot James has announced.
The fund, backed in part by the British Business Bank, is specifically targeted to help scale up rapid growth? startups.
Speaking at the Scale-Up Institute’s regional economic growth programme, James praised the positive effect of startups on the UK economy.
‘small businesses are at the heart of our economy and the whole country benefits when they grow and create jobs for people. The government-owned British Business Bank is helping more than 48, 000 businesses with over 3.1bn of support, much of it going to those with high-growth potential, she said.
In a statement, Keith Morgan, CEO of the British Business Bank, said that the Enterprise Capital Fund would enable early-stage startups to receive the financial support required to grow.
this important new fund will enable more UK smaller businesses to get the investment and support they need to scale up successfully, he said.
Morgan is one of Business Advice’s Small Business Decision Makers of 2016, and through his role with the British Business Bank is responsible for crucial business funding initiatives such as Start Up Loans and the Angel CoFund.
The announcement of newfunding for entrepreneurs comes alongside research that suggested a decline in confidence of the government’s commitment to enterprise in the UK.
Fresh figures from the Federation of Small Businesses (FSB) found that small business confidence had fallen into negative territory for the first time since 2012.
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.
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