More support for smaller businesses is set to come online with the news that the British Business Bank’s (BBB) 21st Enterprise Capital Fund, to be run by Active PE, will channel up to £40m of finance to UK SMEs.
Active PE is a specialist in identifying and working with small, fast growing companies and has a strong track record in a range of sectors, particularly consumer, leisure and retail businesses. According to the BBB, it will provide £24m of the fund’s £40m investment capacity.
Small Business Minister, Margot James, said: “Small businesses are at the heart of our economy and the whole country benefits when they grow and create jobs for people.
“The government-owned British Business Bank is helping more than 48,000 businesses with over £3.1bn of support, much of it going to those with high-growth potential.”
‘Providing insight and value’
Keith Morgan, British Business Bank CEO, said: “This important new fund will enable more UK smaller businesses to get the investment and support they need to scale up successfully.
“Our Enterprise Capital Funds are a significant part of the UK’s early stage venture capital ecosystem, and the establishment of the new Active ECF brings the programme’s total investment capability to over £730m.”
Spencer Skinner, Active PE co-founder, added: “We’re excited to partner with the British Business Bank to help more entrepreneurs build lasting consumer businesses and brands. We will continue to invest in the consumer economy with Active ECF – where we can genuinely provide insight and value – and in businesses generating exceptional consumer excitement.”
Irene Graham, CEO of the ScaleUp Institute, said: “Getting the right mix of finance is essential to scaling businesses, alongside the access to talent, markets and expertise that such capital can bring. The public and private sector working together can make a huge difference to the resources available to our scaling businesses enabling such businesses to grow to even greater heights. We welcome the targeting of this new fund to such growth businesses and the opportunities it brings.”