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British Business Investments commits £20 million to TDC’s Impact Fund

Press release 12 July 2022

British Business Investments today announces a cornerstone commitment of £20 million to Tosca Debt Capital’s (TDC) Impact Fund, which focuses on supporting entrepreneur-led smaller businesses looking to grow and create employment following the adverse pressures of the pandemic. TDC achieved a first close of the fund of £40 million and is targeting a hard cap of £50 million.

British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3 billion to providers of finance to UK smaller businesses.

Predominantly supporting Northern businesses, TDC’s Impact Fund lends between £1 and £5 million to smaller businesses that will create jobs as a result of investment. The sector-agnostic fund, led by Vicki Daly and Gary Davison, aims to utilise the experience, networks and skill-base of TDC to support the development of smaller businesses which would otherwise be unable to access capital to grow. The fund is focused on successful companies that were profitable prior to the pandemic and aims to provide them with the firepower and support to develop and build value both within their own businesses and within their wider communities.

This £20 million commitment from British Business Investments to TDC’s Impact Fund will help growing smaller businesses in the North to access the additional investment capital they need to scale up. British Business Investments’ objectives are to ensure smaller businesses can access as diverse a range of finance options as possible and to reduce regional imbalances in access to finance. This compliments TDC’s approach as an alternative lender, supporting the development of Northern businesses which might otherwise be unable to access capital to grow. Judith Hartley CEO, British Business Investments
The recent pandemic has adversely impacted every sector of the UK economy and there is no question that smaller businesses have been hit the hardest. We are looking to utilise our resources and investment platform to address that imbalance and provide inherently strong and well-managed SME businesses with support to achieve their strategic growth ambitions. We are committed to staying invested in our community and we hope this new fund will help to address post-pandemic regional imbalances creating new jobs and stimulating growth in the North. Gary Davison Founding Partner, TDC

Further Information

Notes to editors

About the British Business Investments

British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such.  They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The commitment from British Business Investments to the TDC Impact Fund does not amount to any endorsement or warranty from British Business Investments, the British Business Bank plc, or the government of the UK.