British Business Bank opens up £30m funding pot of ‘Help to Grow’
Businesses will be able to apply to secure up to £2m through the government scheme launched in partnership with Lloyds Banking Group
The British Business Bank has launched the first £30m tranche of ‘Help to Grow’ – the scheme announced by the prime minister last year to facilitate £200m of growth loans within its first two years.
From today, small businesses will be able to access up to £2m in funding through Lloyds Banking Group to support the development of new products and processes, research and innovation, and to target new export markets.
Though funding will be available to businesses from all sectors, manufacturing, businesses, creative industries and the technology sector are expected to benefit most.
The initial phase of Help to Grow was increased from £100m to £200m in the chancellor’s budget in March 2016.
Keith Morgan, CEO of the British Business Bank, said: “We want to replicate the drive and dynamism evident in the UKs start-up culture in later stages of the small business journey, and Help to Grow has a critical role to play in achieving that.
“We are pleased to announce our partnership with Lloyds Banking Group and to be working with the European Investment Fund to bring this vitally important finance to the UK market.”