Help for Peterborough entrepreneurs - from across the pond!
OKR Financial, a leading Canadian financing provider, which recently expanded its operations into the UK, has announced its commitment to supporting Cambridgeshire and Peterborough small and medium-sized enterprises by providing non-dilutive funding options.
Working with Growth Works, the Cambridgeshire and Peterborough Combined Authority’s (CPCA) programme to deliver jobs and business growth, OKR has come on board to help the authority deploy up to £2m in funding to high growth businesses, granting eligible companies up to £150k.
Paul Webster, managing director at Growth Works, said: "As Growth Works administers the grants, high growth businesses might experience a strain on their working capital, so partnering with OKR Financial will help bridge the gap for businesses until their grants are received."
The OKR Financial team has said that this work with the CPCA Growth Works programme is the start of much more to come; a wider goal has been set to deploy £20million throughout the UK startup, scaleup and technology ecosystem before the end of the year.
OKR Financial was founded by managing partners Dr. Jason Neale and R. Stewart Thompson, who already have deep roots in the UK.
Of the project, Thompson said: "We recently expanded into the UK and with our connection to Cambridgeshire and Peterborough, we are keen to support an initiative that could truly uplift SMEs and entrepreneurs at such a difficult time.
"Many are quick to celebrate when government funded grants are awarded, but the reality is there’s a lot of demand around working capital in high growth businesses which can impede operations, especially considering the fast pace of startup growth. OKR Financial can extend that all important runway for these businesses."
The Growth Works programme connects high growth businesses to the coaching, support, skills, information, global launch pad and funding they need to thrive.