Investec Bank has been awarded £15m from pool B of the Banking Competition Remedies Ltd (BCR) Capability and Innovation Fund (CIF).
By accepting the CIF award, the specialist bank has committed to provide an additional £300m of lending to UK SMEs.
It will also support more than 8,000 SMEs and match the contribution from the CIF with its own funds.
Elsewhere, Nationwide Building Society was awarded £50m, while the Co-operative Bank received £15m.
The Co-operative Bank will focus on modernising the way its SME customers can interact with it, developing products to help SMEs thrive and making banking faster paced through improved infrastructure and automation.
The fund has been designed to promote competition in the market for SME banking services through the modernisation of existing business current account offerings or the development of new business current accounts.
BCR received a total of 13 applications from 10 applicants for the pool B process.
Godfrey Cromwell, chairman at the BCR, said: “Pool B is the second group of grants from the Capability and Innovation Fund aimed at increasing competition in the UK business banking market with the overall purpose of improving financial products and services available to SMEs.
“We look forward to these organisations delivering on their public commitments and to further announcements for pools C and D in the coming months.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Hodge joins Advise Wise Mortgage Club lender panel
Hodge has announced that it has been added to Advise Wise Mortgage Club’s lender panel...
Shawbrook provides £500,000 second charge loan to protect property’s value
Shawbrook Bank has provided a £500,000 second charge loan to save a client’s property value...
Redwood Bank launches new business savings bond
Redwood Bank has launched a new one year business savings bond with a rate of 1.62%...
OakNorth Bank completes seven-figure debt finance deal
OakNorth Bank has provided independent advisory firm Dow Schofield Watts with a seven-figure debt finance facility to make a strategic investment in Camlee Group...
Starling Bank raises £60m and gives shares to employees
Starling Bank has revealed that it has raised £60m from its existing investors Merian Global Investors and JTC...
Cash costs time for SMEs — how can banks help?
Cash is still king for businesses up and down the country; businesses that must essentially be flexible to consumer preferences...
SB to host filmed roundtable on how specialist banks aim to utilise technology in 2020 and beyond
Next week, Specialist Banking will host its sixth filmed roundtable event in association with Watson Farley & Williams...
Aldermore names Tim Boag as group managing director
Aldermore has named Tim Boag (pictured above) as its new group managing director of business finance...
Aldermore’s outlook for SMEs in 2020
As we enter 2020, it’s worth reflecting on how the economic landscape in which UK small businesses currently operate in is changing...
Cynergy Bank opens first Scottish office
Cynergy Bank has opened its first Scottish office in Edinburgh...
Shawbrook Bank launches new business savings products
Shawbrook Bank has launched two new business savings products and enhanced a third to strengthen its portfolio...