The Business Growth Fund (BGF) has been launched by five banks to invest up to £2.5bn ($4bn) in UK smaller and medium sized businesses.

The corporate venturing fund will invest between £2m and £10m per business that has an annual turnover of around £10m to £100m in return for a minimum 10% equity stake and a seat on the board for a BGF director.

The investing banks behind the fund are Barclays, HSBC, Lloyds, RBS, and Standard Chartered, although Santander…

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