Working with the British Business Bank
How does Sprk work with the British Business Bank?
The British Business Bank has provided an initial £20m funding facility to Sprk. The facility will provide capital to smaller businesses in the UK engaged in innovation.
How can SMEs engaged in innovation access Sprk’s funding through the British Business Bank?
Sprk is the first lender focused on the innovation lending sector to receive funding from the British Business Bank.
SME’s looking to advance their R&D Tax Credits or Innovation Grants are encouraged to apply through the Sprk website or to contact the team directly.
How the British Business Bank work with Innovate UK and Sprk?
In 2024, the British Business Bank and Innovate UK signed a memorandum of understanding to help create new pathways for business investment and promote growth through innovation. The collaboration will see the two organisations working more closely together to co-create new opportunities to promote investment and to support UK businesses through better tailored offerings.
Sprk offers advanced funding of Innovate UK grant receipts to improve the cashflows of SMEs engaged in UK-led innovation.
What does British Business Bank and Innovate UK have to say on the transaction?
Adam Kelly, Managing Director, British Business Bank said: “This £20m funding facility will enable Sprk to back UK smaller businesses in the innovation sector, providing them with cashflow solutions at critical points in their journey. We look forward to working with Sprk to help innovative smaller businesses across the UK to access the capital they need to scale up and become successful, high growth companies.”
Scott O’Brien, Chief Investment Officer, Innovate UK, said: “We recognise the liquidity challenges that can face cutting-edge businesses bringing new technologies to market. Together, the British Business Bank and Innovate UK support the end to end pathways through which innovative UK businesses start, scale and succeed. This new funding facility with Sprk supports those pathways, alongside our world-class portfolio of products and services designed to support businesses in bringing the best ideas to market and driving economic growth.
The initial £20m has the potential to help fund hundreds of SMEs to achieve their goals of advancing technology and research in the UK into some of the most complex issues that are faced around net zero, AI and sustainability.”
What does the British Business Bank do?
Smaller businesses are vital to the UK’s economy. They employ millions of people and are responsible for almost half of the private sector’s turnover.
The British Business Bank, aims to improve access to alternative finance for smaller businesses across the whole of the UK, while supporting the UK’s transition to a net zero economy. Since it was established in 2014, British Business Bank has committed more than £3.8 billion to providers of finance to UK smaller businesses. They do this while providing value for money for UK taxpayers.
Their objectives
- Driving sustainable growth ensuring smaller businesses can access the right type of finance they need to start, survive and grow
- Backing innovation ensuring innovative businesses can access the right capital to start and scale
- Unlocking potential unlocking growth by ensuring entrepreneurs can access the finance they need regardless of where and who they are
- Building the modern, green economy financing groundbreaking solutions to climate change and helping smaller businesses transition to net zero so they thrive in a green future
The British Business Bank don’t provide finance themselves. Instead, they work with a number of delivery partners, whose investment programmes help to support businesses across a wide range of sectors, regions and stages of growth.
Although owned by the Government, British Business Bank is managed independently. They choose investments based on gaps they see in the market, and continually look for new ways, and new partners, to address the challenges that smaller businesses face.
