Banking Competition Remedies (BCR), the independent body established to implement the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package, has announced the fourth and final application window for Pool C of the Capability and Innovation Fund.
The Capability and Innovation Fund is designed to support the development of wider capabilities and competition in the small to medium-sized enterprise (SME) banking markets.
The fund comprises of four pools with a total value of £425 million. Pool C is a combined value of £40 million split into four x £10 million grants.
The pool aims to facilitate the expansion of business offerings to include, lending or payments services to SMEs in the UK or international payments services to SMEs in the UK.
The application window closes on 28 June and winning companies will be announced on 14 August.
For all four pools of the Capability and Innovation Fund, BCR has engaged an outside contractor, Baringa, to deliver the pre-board processes. BCR’s Evaluation Committee discuss the output of this process and present a set of supported applications to the full board, for consideration and final decision.
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