Capability and Innovation Fund
The purpose of the Capability and Innovation Fund was to encourage eligible bodies to:
- develop and improve their capability to compete with NatWest in the provision of banking services to SMEs; and
- develop and improve the financial products and services which are available to SMEs.
The Capability and Innovation Fund comprised a total of £425 million which was divided into six pools. BCR was responsible for evaluating the applications and disbursing the funds. Following the termination of the Capability and Innovation Fund Agreements [on 31 December 2022] and two awardees having fully delivered their commitments, BCR is now in an informal reporting phase for the remaining 24 awards.
As part of the award process, all companies had to agree to Public Commitments which they would be held accountable publicly against. In this informal phase, all remaining awardees have agreed to continue to report against outstanding Public Commitments, holding themselves to a high standard of accountability in making a difference to UK SMEs. These can be viewed here alongside their quarterly progress update.