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British Business Bank – who are they and why you may not have heard of them

I am pleased to announce that a representative of the British Business Bank has agreed to present at our ‘Finance in Cornwall’ event, that takes place next week, on 18 April.

The British Business Bank was founded on 1 November 2016 and aims to “make finance markets work better for small businesses in the UK at all stages of their development: starting up, scaling up and staying ahead”.

The British Business Bank is 100% government owned, but independently managed. Their model is not one of direct engagement with small businesses – instead, they work with over 100 partners such as banks, leasing companies, venture capital funds and web-based platforms, to bring government money to the smaller business finance markets.

The webpage shows the logos of the finance partners that the British Business Bank is working with and also lists the programmes that the British Business Bank is engaged with. These programmes include Angel Co Fund, Enterprise Capital Funds, Start -Up Loans, Enterprise Finance Guarantee Scheme and the Bank Referral Scheme. The webpage gives an idea of the scale of their input:

  • Supporting over 59,000 companies
  • £690m earmarked to regional programmes
  • Venture Capital stock of £1.1bn

I suspect the presentation will give us an overview of the above and will mention, and give us an update on, the Cornwall & Isles of Scilly Investment Fund. This, as some of you will be aware, is the £40m investment fund established in partnership with the Cornwall & Isles Scilly LEP. This fund, brought together by a combination of ERDF, LEP and HMG grant funding, creates a fund which will provide debt and equity for the region. In addition, we note from the website that “the Bank also intends to appoint a member of staff who will support the Cornwall & Isles of Scilly Investment Fund as well as strengthening the links between local businesses and the Bank’s national access to finance programmes and products including information on finance options available to them”. We hope that this is an area where we can work with the British Business Bank. We shall, no doubt, have copies of the British Business Bank’s excellent Business Finance Guide available at our Finance in Cornwall and Start Up Cornwall events.

For more details of, and/or to book a place at either of these events, please click here.

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