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£2.5bn Business Growth Fund launched
The £2.5bn Business Growth Fund (BGF) has been launched.
The BGF has been established to help Britain’s smaller and medium sized businesses with an annual turnover of around £10m to £100m.
It is an independent fund backed by Barclays, HSBC, Lloyds, RBS, and Standard Chartered, and working in collaboration with the British Bankers’ Association.
The BGF will invest approximately £2m and £10m per business in return for a minimum 10 per cent equity stake and a seat on the board for a BGF director. The Fund will provide long-term equity investment for those growing companies which today do not have access to this source of capital.
Business Secretary Vince Cable said: "The Business Growth Fund is ready to make substantial equity investments into ambitious mid-cap British companies who are set to create the business success stories of the coming years."
"Alongside new government support for exporters and commitments made by the banks to increase the credit available to businesses of all sizes, this private fund will provide crucial support to the firms generating the employment our economy needs."
Further information:
Department for Business, Innovation and Skills
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