Business Growth Fund Launches in Birmingham
Victoria Square in Birmingham
The firm is run by the British Bankers’ Association and is aimed at boosting small and growing businesses who operate with a turnover of between ┬ú10m to ┬ú100m.
According to TheBusinessDesk, a number of major banking institutions – Barclays, HSBC, Lloyds, RBS, and Standard Chartered – are backing the scheme, which works by investing between ┬ú2m and ┬ú10m into the firm in return for a 10% equity stake and a spot on the companyΓÇÖs board.
The Business Growth Fund will be based at Victoria Square in the city centre – a building which is shared by serviced office provider Regus – and other regional offices are set to be announced soon.
A number of key figures from the banking industry have been appointed to work on the new Fund. These include former Barclays deputy Chairman Sir Nigel Rudd, who is Chairman of the new scheme, Chief Executive Stephen Welton, Angela Knight – Chief Executive of the British Bankers’ Association, and Richard Bishop as Head of Investment, who is currently a partner with international investors 3i.
Sir Nigel and Ms Knight will speak at the official launch ceremony, which is being held at Birmingham City Council on Thursday.
Find out more about the fund online at BusinessGrowthFund.co.uk.