A \u00a3140 million investment fund aimed at supporting small and medium-sized enterprises (SMEs) across the East of England has been launched by the British Business Bank.<\/p>\n\n\n\n
The East of England Investment Fund covers Essex, Suffolk, Hertfordshire, Norfolk and Cambridgeshire.<\/sup> It is designed to provide commercial loans ranging from \u00a325,000 to \u00a32 million, as well as equity investments reaching up to \u00a35 million.<\/sup><\/p>\n\n\n\n According to data cited at the launch, the region accounts for 15 per cent of the UK’s university spinout companies, yet secured only 9 per cent of total national equity investment by value over the past year.<\/sup><\/p>\n\n\n\n David Hourican, incoming interim chief executive officer at the British Business Bank, said: \u201cThe East of England is home to some of the UK\u2019s most innovative and enterprising businesses, from world leading life sciences to advanced manufacturing and agri-tech. The launch of the East of England Investment Fund will play a crucial role in stimulating growth throughout the region by ensuring its businesses have access to the finance they need and deserve.\u201d<\/em><\/p>\n\n\n\n Chris McDonald, science, innovation and investment minister, added: \u201cThe East of England is home to small and medium sized businesses that are locally significant and internationally competitive. Many of these are in sectors such as life sciences, technology and clean energy that are growing quickly. These businesses need financial support to grow and take advantage of new market opportunities, but I know from my own experience that it isn\u2019t easy if you are located outside of London. That\u2019s why the British Business Bank is creating a new fund to support businesses in this region, sitting alongside targeted finance funds for every part of the UK.\u201d<\/em><\/p>\n\n\n\n The initiative marks the latest expansion of the government-owned development bank’s regional funding network outside London. Earlier this month, the bank introduced a \u00a3120 million fund dedicated to the South East of England. Similar regional schemes are already operational across Scotland, Wales, Northern Ireland, Northern EnA \u00a3140 million investment fund aimed at supporting small and medium-sized enterprises (SMEs) across the East of England has been launched by the British Business Bank.<\/sup><\/p>\n\n\n\n