Vince Cable’s British Business Bank makes £45m investment

A government-owned bank designed to help small and medium-sized businesses secure vital finance has made its first investment, putting £45m into two firms.

The British Business Bank has put the money into investment firms Praesidian Capital Europe and BMS Finance, which will provide debt-finance schemes using the allocated funds.

The money comes from the £300m investment programme run by the government-owned bank, and will help support the growth of small and medium-sized enterprises, said Business Secretary Vince Cable.

Under the arrangement, BMS Finance is set to receive £15m and Praesidian Capital Europe has been allocated £30m.

Cable said: “Today we have set out a comprehensive package of measures that will address the concerns of small firms.

“The first investments from the British Business Bank’s investment programme will provide choice to smaller businesses looking to secure vital finance to help invest.

“Alongside cutting red tape and increasing the take-up of business rate relief, government has already made significant progress in improving the business outlook for small firms and entrepreneurs.”

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