Future Fund - Supporting British Business Bank, at speed

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Future Fund - Supporting British Business Bank, at speed

Partnering with British Business Bank to deliver the Future Fund loan scheme to help thousands of innovative UK businesses secure their future.

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So the client is British Business Bank. There was a real need to be able to support UK businesses, and do so at speed. The Future Fund was pivotal, because this was aimed at businesses which were typically backed by venture capitals, so they were early stage businesses and the key challenge was getting a distribution channel, from application through to funds disbursement, and managing a portfolio of hundreds and hundreds of companies, and being able to do that within a period of a month, and building something from scratch.

PwC brought a solution, which encompassed the whole firm, and it was really truly a one firm approach. Our Execution Managed Service business came together, which involved both consulting, our deals business, and our Operate business. We delivered a solution, which brought together the design of the process and the delivery of the process.

We tailored a salesforce technology platform to the Future Fund policy.

The whole scheme has been technology enabled, but delivered by people, it's really human led. The scheme eligibility allowed for a lot of automation, but ultimately our people, they were all facing people.

A scheme like this had never been delivered before, from a completely remote environment, having never met the client, and never having met a lot of your colleagues and collaborating together on all of that, and delivering through operational excellence, and providing that technical know-how and changing that into your run phase in terms of how we actually deliver on behalf of our clients has been something that’s been really exciting.

Not only have we come together as a PwC team to support our direct client, we have supported innovative businesses, who are growing and struggling through a very turbulent time.

To date, over a billion has been dispersed, and over a thousand companies have benefited from the Future Fund money. PwC’s purpose around solving important problems for our clients and our communities etc., that aligned very well with British Business Bank in what they were looking to achieve as well.

Our client was faced with a challenge that they had three weeks to set up a process and systems that would normally take them three months.

I feel so proud to have been involved, and when I see it mentioned in the media and in social media, how fantastic to have been part of something so groundbreaking and so positive for the market.

I felt really proud to have been part of the Future Fund scheme and it was a challenge, and it was something that had never been done before, and was groundbreaking.

Everyone felt incredibly proud about how we all worked together, incredibly proud about what we achieved.

 

Contact us

Ian McConnell

Ian McConnell

Managed Services Leader, PwC United Kingdom

David Allen

David Allen

Partner, Global EMS Market Activation Lead for Managed Services, PwC United Kingdom

Tel: +44 (0)7843 334629

Kieragh Nelson

Kieragh Nelson

Partner, Execution Managed Services, PwC United Kingdom

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