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TSB to inject £100m into small businesses

11.07.17 - London.
Richard Davies, TSB Bank.
Photo: Professional Images/@ProfImages
11.07.17 - London. Richard Davies, TSB Bank. Photo: Professional Images/@ProfImages

Challenger bank TSB and its Spanish parent, Sabadell, aim to invest up to £100million in small businesses around the UK.

An initial £30million is being provided to support a small business banking market “in desperate need of competition”, TSB said yesterday.

The bank added it was trying to “break the shackles the big banks have had on Britain’s small businesses for far too long”.

BlueWaves, as the new investment vehicle will be called, will provide equity funding to early stage businesses and start-ups with a focus on smaller firms.

It builds on a multimillion-pound investment programme already under way at TSB to build new banking services for small businesses.

TSB’s recently appointed commercial banking director, Richard Davies, is leading TSB’s entry into the market.

Mr Davies said: “We’re spending millions of pounds of our own money to build new services for small businesses, and our new banking platform will provide the springboard to really take on this market in 2018.

“There’s a real moment of opportunity to create something better for small businesses in the UK.

“Through BlueWaves and the next generation of business banking – we are going to be leading the charge.”

TSB chief executive Paul Pester added: “Small businesses are the lifeblood of the UK economy – creating nearly three in four of all new private sector jobs since 2011.”