Business secretary, Vince Cable, recently announced the Programme’s first £45 million of funding will be allocated to Praesidian Capital Europe and BMS Finance to help provide small businesses secure the finance they need to flourish. Both Praesidian and BMS lend to small and medium sized businesses in the UK and are working with the British Business Bank to give as much support as they can to small businesses across Britain. It’s expected these funds will be released at the beginning of 2014, and will increase in size as businesses grow.
Vince Cable has also proposed plans to provide £1million to the Sector Mentoring Challenge Fund, £10million to the Biotechnology and Biological Science Research Council and to provide support to the Growth Accelerator scheme. They all offer advice and guidance to small business owners to help improve their firms through a number of measures.
With banks reluctant to lend to small businesses and entrepreneurs over the last few years, the Investment Programme launched back in April to tackle financial issues and certain barriers many small firms are faced with. So far, £1.3billion in loans have been arranged by the British Business Bank. The Bank’s total amount of funds in the Investment Programme is £300 million.
For more information and tips on refinancing your company, visit our page on debt finance and refinancing procedures.