Expanded Financial Support for Beach Point Capital UK Reaches £50 Million, Courtesy of the British Business Bank
The British Business Bank (BBB) has increased its commitment to Beach Point Capital UK's SME lending fund, providing a significant boost to smaller businesses in Northern Ireland, Scotland, and the North of England. The initial £20 million commitment in July 2022 has been raised to £50 million, marking a substantial step towards addressing the equity gap faced by SMEs.
Beach Point Capital UK has invested £16 million into 26 businesses since the Bank's initial commitment, with an additional £3 million committed to four high-growth SMEs in Northern Ireland. This investment focus aims to provide flexible capital at critical points in the business journeys of these SMEs, supporting their growth and operations.
Shane Lanigan, Portfolio Manager at Beach Point Capital UK, expressed his delight at receiving the BBB's continued support. He emphasised that this increased commitment will ensure continued support for promising smaller businesses, providing them with the necessary funding to scale and create jobs, thereby promoting economic resilience.
The BBB's increased commitment aligns with its broader strategy to back SME financing across the UK. This investment will help narrow the financing gap in underserved regions, fostering business development where private capital is typically scarce. Beach Point Capital, managing over $19 billion globally, brings expertise from its US and Ireland operations to the UK market, emphasising credit-related investments with a value-oriented, risk-controlled approach.
The impact on regional economies includes enhanced access for SMEs to flexible growth capital, support for high-growth businesses aiming to scale, and a reduction in regional economic disparities by channeling investment into underserved areas. This expanded investment also leverages Beach Point Capital’s global experience in credit investments to optimise SME funding.
The British Business Bank is proud to continue its partnership with Beach Point Capital UK, working together to drive employment and economic expansion across the UK's Nations and regions. This investment complements other initiatives like the Growth Guarantee Scheme, which has delivered substantial lending outside London and the South East.
Beach Point Capital UK will continue to focus on fast-growing, smaller businesses in the UK and Ireland, providing them with the necessary funding to navigate critical moments in their business journeys. With the BBB's continued support, these SMEs are well-positioned to contribute to economic growth and job creation in their respective regions.
- The British Business Bank's increased commitment to Beach Point Capital UK's SME lending fund, which has now reached £50 million, underscores their shared commitment towards bolstering the finance sector and fostering business growth across various industries in Northern Ireland, Scotland, and the North of England.
- With the continued support from the British Business Bank, Beach Point Capital UK plans to extend its focus on providing finance, including investment in industries like technology and manufacturing, to promising smaller businesses throughout the UK and Ireland, thereby creating opportunities for job growth and economic advancement.
