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01 August 2017

Post-Brexit funding vital for small businesses

Responding to today’s announcement of the consultation, ‘Financing growth in innovative firms’, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said: “The European Investment Fund has provided almost £500 million annually to support smaller British firms aspiring to grow and scale-up. More than half of FSB members believe that EU funding for access to finance should be prioritised and maintained post-Brexit. It is critical that this level of investment activity is replicated after the UK leaves the EU.

“Whatever model is adopted by Government, the British Business Bank (BBB), which already plays a leading role in promoting access to finance in the UK, should be at the heart of it. It will continue to play a key role as the UK looks to redefine how small businesses are provided the resources they need to invest, expand and scale-up.

“We will actively be reaching out to Government to ensure that they get this support right so that all small businesses, in every part of the country, are aware of all the finance options available to them and access the right investment at the right time.”