Santander unveils £200m growth capital programme for high-growth firms
Advice, mentoring and internships available
High-street banking giant Santander has launched a £200m growth capital programme to propel Britain’s fast-growing businesses.
The Breakthrough initiative will provide loans for businesses turning over up to £10m, with a demonstrable history of high annual growth.
The loans are specifically designed to offer a viable alternative to equity investment, and enable promising businesses to develop without ceding control of their company.
In addition to loans, Breakthrough is offering a number of advice and development facilities, including overseas trade missions, fully funded internships, and mentoring from the likes of Google and LoveFilm.
The scheme has received a £50m injection from the Regional Growth Fund, and will be administered across the UK with the support of regional boards.
Steve Pateman, executive director of Santander’s Corporate, Commercial and Business Banking division, said:
“Small and medium sized businesses are vital to the UK economy and it is crucial that they are able to access the finance they need to invest in their businesses, to grow and create jobs and stimulate demand throughout the supply chain.
“We know that there is a recognised funding gap for companies with a turnover of under £10 million looking for growth capital, and we want to help fill that gap. This is part of the role that banks can play in supporting a private-sector led recovery and stimulating local economic growth.”