To celebrate Great British Manufacturing, we sat down with Russell Crisp, Executive Chairman of Eco Charger to find out more about the business journey so far,…
To be honest I missed this amongst the Chancellors’ “let them drink beer” Budget speech, but when I started reading the documents on the GOV.UK webpage I read “£200 million of new funding to continue the Cornwall and Isles of Scilly investment fund and support its expansion across the South West.” That obviously piqued my interest and on further research…
|Scheme/ Programme||Detail (that we have now)|
|The British Business Bank has three regional funds (the Northern Powerhouse Investment Fund, the Midlands Engine Investment Fund, and the Cornwall and Isles of Scilly Fund) and the Northern Ireland Growth Finance Fund. These “have delivered over £1bn of public and private sector funding to smaller businesses in those regions, helping to address regional funding gaps”.
The British Business Bank’s press release following the Autumn Budget stated that, “The government recognises the success of these funds in its £1.6bn commitment to a next generation of funds.” Included in that £1.6bn is “£200m to provide a new fund for businesses in the South West of England, building on the Cornwall and Isles of Scilly Investment Fund (CIOSIF).”
As someone from CIOSIF remarked when I contacted them “I was as surprised as you were, this looks like the Greater SW Fund that was being mooted…”. We await further details on specifics of this “new fund” including region to be defined as ‘South West’; split of £200m between debt and equity; match funding requirements etc; as well as a timetable for implementation and delivery.
|Regional Angels Programme
|The Regional Angels Programme is to benefit from commitments of a further £150 million over three years, investing alongside angel syndicates into high potential businesses across all the UK’s regions and nations.
As per the British Business Bank’s press release “The programme has fully committed its initial £100m allocation, with 85% of investments outside London helping to reduce regional imbalances in access to seed and early-stage equity finance for smaller businesses”
|Start Up Loans
|A multi-year settlement for Start Up Loans was announced; with the government announcing that it will provide funding for 33,000 Start Up Loans over the next three years, maintaining delivery at the expanded level agreed at Spending Review 2020.|
|Recovery Loan Scheme
|The Recovery Loan Scheme will be extended by six months to 30 June 2022, having already seen total funding of over £1bn offered to businesses by the scheme’s diverse range of accredited partners.|
|Future Fund Breakthrough programme and the Life Sciences Investment Programme||Funding confirmed for both of these programmes which were launched this year.|
|British Business Bank
|The government has confirmed that throughout the three years from 2022/23 it will continue to provide the British Business Bank with the resources to “help drive sustainable growth and prosperity across the UK, and to enable the transition to a net zero economy, by supporting access to finance for smaller businesses.|
PKF Francis Clark
It may not come as a surprise that the announcement I am most eagerly awaiting further details on is the “new fund for businesses in the South West of England”. I will share more details when I have them and it will be interesting to see if this a topic of conversation in our 25 November webinar (featuring the British Business Bank) – details to follow shortly.
For more Autumn Budget analysis, visit our Budget hub.