A new £140 million investment fund has been launched to help small and medium-sized businesses across the East of England access finance and expand their operations.

The East of England Investment Fund, launched by the British Business Bank on September 23, will cover Essex, Suffolk, Hertfordshire, Norfolk and Cambridgeshire. It will provide loans ranging from £25,000 to £2 million, alongside equity investment of up to £5 million.

The fund is designed to support businesses in sectors including life sciences, technology, advanced manufacturing and agri-tech, helping companies start, scale and pursue new market opportunities.

The British Business Bank said the East of England accounts for 15% of UK university spinout businesses, but received 9% of the UK's total equity investment by value last year.

The fund will be managed through Eastmeare, part of Beechbrook, for debt finance and Mercia Ventures for equity investment.

The launch also expands the British Business Bank's targeted finance coverage to every UK nation and region outside London, strengthening access to growth capital for businesses across the country.