British Business Bank

SME fund secures £20m boost

The British Business Bank Investments Ltd has increased its commitment to an SME investment fund by £20m.

The commercial arm of the British Business Bank (BBB) has backed BOOST&Co’s Industrial Lending 1 fund. 

The fund provides venture debt loans of between £2m-8m to innovative companies looking to scale-up with the loans available to early-stage technology start-ups. 

BOOST&Co’s Industrial Lending 1 fund has made total commitments of £100m, investing in 33 UK-based SMEs.

The funding boost from the BBB means that the fund can make up to £100m of further commitments to SMEs.

"We are delighted to receive continued support from British Business Bank Investments Ltd,” said Lance Mysyrowicz, partner at BOOST&Co.  

“We look forward to deploying the additional capital in innovative, growing UK SMEs with a passion for technology, and are excited about this next phase in our relationship.” 

The BBB has committed over £580m to providers of finance to UK smaller businesses through its commercial arm’s investment programme.

“This £20m extension to BOOST&Co is a further demonstration of our commitment to promoting greater choice in the supply of lending to smaller businesses,” said Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd. 

“Venture debt finance is an important option for innovative businesses that want to grow rapidly, as a form of capital that can help them scale-up without having to relinquish control of the business. 

“We are pleased to support BOOST&Co as they expand the level of this type of funding they can provide to the market.”  

Leave a comment