Louis Taylor, the CEO of the British Business Bank (BBB), is working to revamp the organization's image after past scandals related to pandemic loans. With a fresh £10bn mandate from the government, Taylor plans to enhance the BBB's operations by investing in startups and British businesses across eight key sectors deemed vital for future growth, including advanced manufacturing and clean energy. The BBB aims to strategically draw private investor interest, ensuring that underserved businesses receive crucial financial support while establishing the UK as a hub for innovative firms.
The BBB will now expand regional investment programmes aimed at finding promising businesses outside London, hunt for specialist fund managers to deploy its cash, and launch a turbo-charged direct investment programme.
The aim is not to compete with private investors, but instead to act as a magnet to draw attention and crowd-in cash to underserved businesses.
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