Small Businesses: Investment

Department for Business, Energy and Industrial Strategy written question – answered on 29th November 2017.

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Photo of Jo Platt Jo Platt Labour/Co-operative, Leigh

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to reassure small businesses on investment plans during the Government's negotiations on the UK leaving the EU.

Photo of Margot James Margot James Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

This government is committed to supporting investment in small businesses. As my right hon. Friend the Chancellor of the Exchequer set out in the Autumn Budget, we will establish a new £2.5 billion Investment Fund incubated in the British Business Bank. By co-investing with the private sector, a total of £7.5 billion of investment will be supported. We will also invest in a series of private sector funds of funds of scale, with up to £500m allocated to the first of potentially three investment rounds. We are also extending the British Business Bank’s Enterprise Finance Guarantee to March 2022 and expanding the programme to support up to £500 million of loans per annum. These measures are in addition to the existing £3.7bn already allocated to the British Business Bank. We are also significantly expanding the support that innovative knowledge-intensive companies can receive through the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs).

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