British Business Bank increases commitment to Beach Point Capital UK to £50m
Today, the British Business Bank announces an increased commitment to Beach Point Capital UK’s dedicated UK SME lending fund, taking the Bank’s total commitment to £50m. The increased commitment will provide additional lending capacity, supporting smaller businesses with growth ambitions across the UK. The British Business Bank previously backed the fund in July 2022.
Since the Bank’s initial commitment, Beach Point Capital UK has invested into 26 businesses across all UK regions with a particular focus on Northern Ireland, Scotland and the North of England. Its flexible loans are supporting smaller business growth and operations and in turn providing employment and economic expansion across the Nations and regions of the UK.
The fund’s original target of a minimum £10m to be invested in Northern Irish SMEs has been surpassed with £16m invested and a further £3m committed to four high growth SMEs in the region.
This increased commitment from British Business Bank will ensure Beach Point Capital UK can continue to support promising smaller businesses, and meet the strong demand for growth capital. Beach Point Capital UK will continue to focus on fast-growing, smaller businesses in the UK and Ireland, specifically focusing on regional markets.
Adam Kelly, managing director and co-head of funds, British Business Bank said: “We are proud to continue our partnership with Beach Point Capital UK, which has provided vital support to smaller businesses in the UK’s Nations and regions. By increasing our commitment, we can continue to back high growth businesses across the UK’s Nations and regions, address regional imbalances and drive employment and economic expansion across the whole of the UK.”
Shane Lanigan, portfolio manager, Beach Point Capital UK, said: “We are delighted to receive the British Business Bank’s continued support. SMEs are the cornerstone of the UK economy, from a jobs, growth and a regional economic perspective. This additional funding will help us to address the equity gap and provide flexible capital at critical moments in SMEs’ business journeys. We look forward to identifying new investment opportunities and helping budding entrepreneurs across all regions of the economy.”