British Business Bank launches investment programme to boost business growth
British Business Bank has launched a £2.5bn investment programme to help businesses have access to the finance that they need to boost the UK’s innovation economy.
The British Patient Capital programme will focus on investment in innovative businesses in the UK that have high-growth potential.
The programme comes after Chancellor Philip Hammond announced the Patient Capital Review during last year’s Autumn Budget. A key element of the government’s Industrial Strategy, the programme will enable high-growth businesses to have access to the finance that they need to be successful.
With investment being made alongside the private sector, the British Patient Capital programme will support £7.5bn of investment for businesses in Britain. The programme will include £400m of existing venture and growth capital commitments, which will be transferred from British Business Bank’s Venture Capital Catalyst programme.
Among the commitments included in the investments that are being moved over to British Patient Capital are the programme’s first evergreen investment and a specialist venture fund.
Speaking about how access to longer-term investment impacts businesses, British Business Bank’s Chief Executive Keith Morgan stated that it is a major barrier that is holding back the development of young, innovative companies and said that the lack of patient capital slows the growth of these companies and holds back Britain’s productivity.
He added that British Patient Capital has been created in consultation with government and the finance community in order to help ensure that high-potential, high-growth companies are able to have access to the long-term finance that they require to build Britain’s innovation economy.