Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what assessment his Department has made of the effectiveness of regional investment groups introduced under the SME Finance Charter.

The SME Finance Charter was an awareness-raising initiative introduced in 2019 and updated in 2022 following the Covid-19 pandemic.

The British Business Bank's Nations and Regions Investment Funds provide debt and equity finance to businesses outside London. They are designed to support business growth in local communities by crowding in additional private investment for areas that have historically been underserved. The success of these funds to date was recognised at Spending Review with funding confirmed to allow for expansion.