British Business Investments .
The £90m of commitments raised by the fund will be used to provide loans of up to £15m to UK SMEs with a turnover of less than £100m.
British Business Investments is providing the funding under its investment programme, which has committed £700m to providers of finance to UK SMEs.
The programme has helped to expand the choice of funding options for SMEs.
Catherine Lewis La Torre, CEO of British Business Investments, said: “British Business Investments is committed to providing capital to direct lending funds focused on SME lending, where there is a continued underserve by banks and other lenders.
“We are pleased to make this commitment to Shard Credit Partners as it launches its first fund, and look forward to seeing new finance made available to SMEs throughout the UK.”
Alastair Brown, chief executive of SCRP, added: “We are delighted to have held a first close and greatly appreciate the support of our investors, which includes a significant £30m commitment from British Business Investments.
“We can now focus on providing much-needed flexible loan capital to help small businesses invest in their own growth and expansion plans, supporting job creation and growth in the critically important SME segment of the UK economy.”
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