In sponsoring the Entrepreneur of the Year Award at the , the British Business Bank is delighted to back the special people who are the driving force of our economy – our entrepreneurs.
The is a government-owned business development bank dedicated to making finance markets work better for smaller businesses. We increase the supply of finance to smaller businesses where markets don’t work well and we aim to create a more diverse finance market for smaller businesses, with greater choice of options and providers.
We also work to ensure that we support as diverse a range of entrepreneurs as possible – from all sectors of the economy and from all walks of life.
Examples our funding programmes we deliver to achieve our objectives are our (SUL) programme and the Regional Angels Programme (RAP).
Our SUL programme provides government backed loans of up to £25,000 per individual, up to a maximum of £100,000 per business, facilitated through delivery partners such as Business in Focus.
The programme has delivered 4,341 individual loans to entrepreneurs in Wales over the past nine years, worth £43m, and businesses in the Swansea Bay region have received more than £12.5m. That's 29% of Wales’ total, clearly demonstrating the entrepreneurial drive of the region’s start up communities.
Our Regional Angels Programme (RAP), which is delivered via our commercial subsidiary, British Business Investments, is another way we seek to increase the amount of early stage equity capital for smaller businesses with high growth potential. The programme commits funds for investment alongside business angels and other early stage equity investors
Since launching in 2018, RAP has made 10 portfolio investments, totalling £130m of commitments, deploying more than £60m into more than 400 businesses, including £3.3m through 18 deals across Wales.
One recent investment was in Swansea-based circular plastics manufacturer, Smile Plastics, which received investment from the Green Angel Syndicate (GAS), a delivery partner of RAP. The GAS partnership is particularly noteworthy because it is the first RAP delivery partner specialising in the fight against climate change, via targeted green focused investments.
Finally, I would like to congratulate all those shortlisted at this year’s , with a particular nod to those in the Entrepreneur of the Year category. We know that being an entrepreneur takes a huge amount of blood, sweat and tears and it is the Bank’s mission to help support all those on this journey.
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