The Government’s announcement today is welcome in addressing the finance challenges presented by the Covid-19 crisis to scaling businesses across sectors and all regions of the country.
Scaling businesses are vital to the UK’s economy, our innovative capacity, productivity and international success. They employ approximately 3 million people and generate a total turnover of £1.3trn of the £1.9trn of the entire UK SME economy, with an average turnover per employee of £380,000.
“Since the start of the Covid-19 pandemic, the ScaleUp Institute has worked across Government and closely with Innovate UK and the British Business Bank on the specific needs of our scaling businesses and the finance options most suitable to their growth cycles at this critical time,” says Irene Graham, CEO of the ScaleUp Institute.
“A suite of solutions – from venture debt to grants to innovation loans – is necessary and so we are pleased to see that this combination of solutions has been brought together today.
“It will be vital that they are deployed across the country and reach scaleups in every region and sector. We will be working closely now with the British Business Bank and Innovate UK on how we fast-track our scaling businesses to the right finance option. As part of this, Innovate UK’s network of regional scaleup advisers will play a crucial role.”