The British Business Bank, under the leadership of CEO Louis Taylor, has launched a £150m Investment Fund for Scotland. The fund is designed to provide loans and equity investments for small businesses in the country. The initiative is the second in a series, following a similar launch in the South West, as part of a larger £1.6bn (£1 = $1.21) commitment aimed at stimulating economic growth.
The fund will be managed by DSL Business Finance, The FSE Group, and Maven Capital Partners. It aims to support small and medium-sized enterprises (SMEs) such as Elasmogen, a company involved in therapeutic drug discovery. Elasmogen has been able to progress its cancer treatment program with the help of funding from Deepbridge Capital.
Scottish Secretary Alister Jack emphasized the importance of this initiative in creating business success stories within Scotland. Echoing the sentiment, Louis Taylor characterized Scotland as a “nation of entrepreneurs and innovators”, expressing that the fund’s objective is to generate local opportunities.
To further expand early-stage finance for Scottish firms, the British Business Bank is set to kick off information roadshows in Inverness on October 31 and Edinburgh on November 1.
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