Silicon Valley Bank, the US bank which specifically targets tech startups has now come over to the UK. It will be offering bank and loan services to the UK technology industry.
The UK's biggest problem is that it doesn't have a huge tech startup scene like it deserves. There is so much potential with more and more people getting into tech, but it's no where near the likes of the real Silicon Valley in the US. There are hardly any VC's which specialise in technology and many people still don't understand the potential which tech startups have.
The UK wants to become the technology centre of Europe and, chancellor George Osborne thinks with the Silicon Valley Bank now operating in the UK, this is a huge step forward.
Many people don't even know that major startups like Tweetdeck and Shazam actually started in the UK.
They will be lending from £300,000 all the way up to £30m, with the top end obviously being targeted at already successful and established UK tech companies.
Silicon Valley Bank is already very popular in itself in the US, backing many major companies such as Pinterest and Mozilla. Hopefully with them now operating in the UK, we'll see a lot more tech startups arise, especially with the East-end of London becoming a popular scene in the UK tech startup industry.