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<p>The Government is already collaborating through regionally-focused private equity
firms which are benefiting from funding from the government-backed British Business
Bank (BBB) programmes such as the Northern Powerhouse Investment Fund, Midlands Engine
Investment Fund and Cornwall and Isles of Scilly Investment Fund. As of June 2020,
the BBB’s dedicated regional funds support more than £240m worth of finance.</p><p>
</p><p>In order to support its regional activities further, BBB launched the £100m
Regional Angels programme in 2018 – which is designed to help reduce regional imbalances
in access to early stage equity finance for smaller businesses across all regions;
and the UK Network – which engages with business finance stakeholders in each of the
English regions and Devolved Nations, to increase small businesses’ awareness and
understanding of the finance options best suited to their needs. The Future Fund is
also open to companies from all regions and from all backgrounds.</p><p> </p><p>We
are considering a range of options that look at enhancing both new and existing levers
to increase the supply of equity finance, particularly in regions, as part of the
2020 Comprehensive Spending Review discussions in order to support local businesses
to expand as the economy reopens.</p>
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