Close Brothers announces £30m in funding for Britain’s small firms

Asset finance lender has distributed funds from the Regional Growth Fund - majority of finance went to businesses outside of London

Asset finance lender Close Brothers has announced that it has distributed £30m in funding to the UK’s small and medium businesses – the finance it was awarded in the third round of the government-backed Regional Growth Fund (RGF).

The alternative lending company claims to have deployed 95% of its funds to businesses outside of London and the South East, with 22% going to small and medium enterprises in the North East, 21% to businesses in the Midlands and 21% to business in the North West.

More recently, Close Brothers Asset Finance was awarded a further £40m in the fifth round of the RGF.

The RGF is a £3.2bn fund which provides grants to small and medium-sized businesses with the goal to create economic growth and sustainable employment across the UK.

Lat year the RGF came under criticism for being almost £1bn behind schedule and Labour’s Chuka Umunna had hit out at the Fund’s performance saying that it had been “mired with chaos and delay”.

Close Brothers Asset Finance CEO, Mike Randall, commented:

“The £30m we’ve distributed has in turn created over £195m in investment, enabling small businesses to create more than 2000 jobs and to safeguard an additional 1,279 jobs.

“With RGF funds still in the pot, we are actively encouraging more businesses to consider it as a platform for growth while these funds are still available.”

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