I was interested to read George Parker’s article about ministers refocusing the British Business Bank on small companies in high-growth sectors (“Development bank to tighten focus”, Report, February 21). I know from experience that the BBB can play an important role in driving growth in the UK.
When I co-founded Ebury, the international SME payments specialist 15 years ago, the BBB’s angel co-fund provided crucial funding when few others were willing to take on the risk.
As a Spanish-born entrepreneur who deliberately chose London to build three businesses, I know the UK has a huge amount to offer entrepreneurs. I could not have grown Ebury without the UK’s deep talent pool, support and innovation ecosystem. But early-stage finance is often the blocker and, for us as for thousands of young businesses, the BBB played a key role.
This is a state-backed institution but with an entrepreneurial mindset. And from its headquarters in Sheffield, it has remained a supportive shareholder ever since. With the right support, the BBB can help the government build on the UK’s inherent strengths to breed the next generation of British unicorns.
Juan Lobato
Tech Investor, Entrepreneur, and Co-founder and Chief Executive of Ebury, London SW1, UK
