British Business Investments, part of the British Business Bank, has announced a commitment of £50 million to support Manchester based Tosca Debt Capital’s (TDC) fund supporting small businesses in the North of England.
TDC’s fund will focus on funding regional businesses across all sectors, and support small- and medium-sized businesses in the Northern Powerhouse area.
Catherine Lewis La Torre, CEO of British Business Investments, said:
This commitment to TDC supports British Business Investments’ objective to tackle regional imbalances in access to finance for small businesses, with this third fund continuing to provide finance to UK smaller businesses, particularly across the North and the Midlands.”
Gary Davison, Partner at TDC, said:
We are delighted to have received this level of commitment from British Business Investments, which demonstrates their support for our strategy and endorses our performance to date. Investment of this scale allows us to continue on our journey providing much needed capital to regional businesses, allowing them to reach their full potential.”
TDC is a regional debt fund with a focus on supporting the growth of established SMEs. Its debt capital supports regional markets that go underserviced by traditional lending, particularly the Northern Powerhouse.
British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.