British Business Investments – a commercial subsidiary of the British Business Bank – has introduced a new £100m SME funding programme.
The Regional Angels Programme has been designed to help reduce regional imbalances in access to early-stage equity finance for UK SMEs.
The initiative will look to address this issue by increasing the availability, supply and awareness of angel and other early-stage equity investments across the UK.
Research published earlier this year by the British Business Bank revealed that 57% of business angels were based in London and the South East, with 35% in London and 22% in the South East.
In addition, almost a third of business angels’ investments were made in London (31%), followed by the South East (12%).
“British Business Bank research shows that the UK’s high-growth smaller businesses suffer from regional imbalances in the supply of early-stage finance,” said Catherine Lewis La Torre, CEO at British Business Investments.
“The new Regional Angels Programme will deploy £100m of new funding to help redress the balance.
“This programme will ensure that more ambitious smaller businesses can access the early-stage equity finance they need to grow and succeed, wherever they are in the UK.”
Jenny Tooth, CEO at the UK Business Angels Association, added: “As the trade body for angel and early-stage investing, we are delighted to be working with British Business Investments to support the launch of this new £100m funding initiative, introduced following the Patient Capital Review.
“This new commercially focused funding stream will bring a real boost to the finance ecosystem in the regions where angel capacity is currently uneven.
“This additional investment capital offers the opportunity to stimulate vital new sources of angel capital to back entrepreneurs with growth potential, many of whom currently have to seek the angel investment they need in London and the South East.”
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