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Recommended: £1bn Venture Fund Bank Pledge

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UK banks to pledge £1bn to venture fund

Britain’s six big banks will next week pledge to inject something approaching £1bn into a new venture capital fund designed to help recapitalise financially stretched smaller businesses, as the much-maligned banking industry tries to make its peace with the government and society at large.

In a high-street twist on the popular BBC show Dragon’s Den, the fund would inject equity into a business, putting it on a firmer footing to then seek a bank loan. This “equity gap” has been widely blamed for banks’ reluctance to lend to some otherwise healthy smaller companies.

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Author:Patrick Jenkins,