In 2013, Thames Valley Berkshire LEP invested nearly half its Growing Places Fund to create the TVB Funding Escalator to help local high-growth businesses. Managed by The FSE Group, the Funding Escalator has so far supported 51 companies and invested £8.3million of loans and equity, creating or safeguarding 594 jobs in the LEP area. In addition, £21million of private finance has been leveraged to help companies grow. The funding escalator has supported businesses from a wide range of different sectors, including Tech & Digital, Life Sciences, MedTech, Cultural & Creative and Food & Beverages.
To build on this success, the LEP has committed a further £3million to make the £11.3million an ‘evergreen fund’; and increased both the size of loans available up to £300,000 and the period up to 5 years. The increased scale of the fund will mean that it is self-sustaining so that it can continue to support SMEs in Berkshire in perpetuity. This represents a significant investment for the LEP and reinforces its determination to support SMEs in the area, from any sector, that want to grow and create wealth locally.
Robin Barnes, Programme Lead for Enterprise, Innovation & Business Growth at Thames Valley Berkshire LEP says: “We created the first funding escalator in the UK with the aim to transform the way businesses can grow by creating an enduring legacy of business investment, innovation and growth in our sub region. This increased capacity and evergreen status is a real game changer and I would encourage ambitious businesses to get in touch with The FSE Group.”
Chief Executive of The FSE Group, Dean Mayer, adds: “We are delighted to continue our close working relationship with Thames Valley Berkshire LEP. The Funding Escalator is here to help support businesses looking to grow substantially in Berkshire, and we are extremely proud of our achievements over the last 5 years. This new injection of £3million allows us to press ahead in reaching even more innovative and high-quality businesses in the area.”
**All text courtesy of TVBLEP on http://www.thamesvalleyberkshire.co.uk/news?id=69**