The new Emerging Technology Unit has been created as part of the banks’ partnership with the British Business Bank under its ENABLE Guarantee program that was announced earlier this year.
British Business Bank CEO Keith Morgan said: "We are delighted that Clydesdale and Yorkshire Banks are launching this new unit as part of our partnership under our ENABLE Guarantees program.
"It is great to see the early impact of the programme in bringing new revenue streams to smaller high-growth British technology businesses, which have such potential to build the UK economy."
The investment unit, which will run as a part of the banks’ specialist and acquisition finance team, will provide £500,000 and £1m in financing to established tech start-ups in the country.
The companies with revenues of around £500,000 and having passed the research phase will be eligible for the funding.
Clydesdale and Yorkshire Banks business and private banking director Paul Shephard said: "The creation of our Emerging Technology Unit is to support an important and growing part of the UK economy.
"The nature of British business has shifted considerably in the last few decades from one of manufacturing, industry and production, to one of knowledge, service and innovation.
"Traditional manufacturers still play an important part in our economy, but the emergence of technological innovation is something we have the expertise and desire to support."
The UK government has identified the technology sector as a key driver of future growth, innovation and employment. It is supporting the sector through a range of initiatives.
