Government-funded business support
The Department for Business, Innovation and Skills (BIS) has a number of funds and support packages available to business:
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UK Innovation Investment Fund - The fund invests in technology based businesses with high growth potential. It focuses on investing in growing small businesses, start ups and spin outs, in digital and life sciences, clean technology and advanced manufacturing.
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Enterprise Capital Funds - Enterprise Capital Funds (ECFs) address a market weakness in the provision of equity finance to SMEs by using Government funding alongside private sector investment to establish funds that operate within the 'equity gap'.
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Enterprise Finance Guarantee - The Enterprise Finance Guarantee (EFG) facilitates additional bank lending to viable Small & Medium Sized Enterprises (SMEs)which lack collateral to secure a normal commercial loan. The Government provides the lender with a guarantee for which the borrower pays a premium. Accredited lenders administer EFG and make all decisions on lending.
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Small Business Research Initiative - SBRI (the Small Business Research Initiative) was relaunched in April 2009. The new SBRI programme aims to use government procurement to drive innovation. It provides business opportunities for innovative companies whilst solving the needs of government departments. Competitions for new technologies and ideas are run in specific areas and aim to engage a broad range of companies in short-term development contracts.
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