£10 Million Accelerator Fund - Funding for regional businesses
Companies across the region with rapid growth potential can now gain access to a multi-million pound pot of funding after Finance South East and Clydesdale Bank joined forces.
Finance South East, the not-for-profit organisation 50% owned by the South East England Development Agency (SEEDA), has appointed Clydesdale Bank as its banking partner for its £10 million Accelerator Fund.
This Mezzanine fund, which sits between traditional debt and equity funding, provides finance for aspiring high growth companies that may have found it difficult to secure funding. This may be because they do not yet have the necessary track record, cannot provide security or because they are at early stage in their market development.
Sally Goodsell, Chief Executive of Finance South East, said: 'Through this fund, we have already supported nearly 100 businesses across the region which is helping to ensure that the region retains its position as the country's economic powerhouse.
The combination of Clydesdale Bank's network of offices across the region, each with their team of highly experienced business bankers, and its flexible approach makes them an excellent partner for FSE to further grow and develop this unique Fund.'
Through the Fund, companies with the potential for significant growth can secure £100,000 of finance to support the development of their business with a second tranche of £100,000 available after nine months in appropriate cases.
Geoff Harrison, Managing Partner, Clydesdale Bank said: 'Securing support from the Accelerator Fund is likely to help companies unlock other forms of finance. As a Bank we have already loaned in excess of a billion pounds since we established the southern network in 2005 and we are delighted to have been chosen by Finance South East to be their partner in delivering the Accelerator Fund.'
Clydesdale Bank will manage the Fund through its Financial Solutions Centre in Crawley and will ensure that its 13 other centres across the SEEDA region, which includes Oxford in the north, Reading in the west and Kent in the east, are fully aware of what the Accelerator Fund and Finance South East has to offer.
The South East region includes Milton Keynes, Oxfordshire, Buckinghamshire, Berkshire, Hampshire and the Isle of Wight, Surrey, West Sussex, East Sussex and Kent.
Finance South East is backed by the South East of England Development Agency (SEEDA) and offers a unique service to SMEs in the region through its unique Escalator of Funds combined with specialist support and advice.
