BBB report announces SMEs receive £6.6bn of finance - an increase of 27% over the year
The British Business Bank, the government-owned economic development bank, has released its 2019 Annual Report which reveals it has supported over 89,000 business in the UK with £6.6bn of finance over the past year, an increase of 27 per cent from £5.2bn in the previous year
This is the fifth year of operation for the Bank and this year’s report shows how the Bank has performed strongly against all six of its objectives set by the government when formed.
Some key performance highlights include:
- Over 90% of the finance the Bank supported was delivered through smaller, newer or alternative finance providers
- The Bank’s dedicated regional funds, aimed at reducing regional imbalances in access to finance, now support more than£240m of finance
- The Bank returned a profit before tax of £81.3m.
Keith Morgan, CEO, said:
“In the past year, the Bank has delivered strongly against all six of its objectives and is supporting over 89,000 businesses with £6.6bn of finance, an increase of 27% over the year, following a period of rapid growth both in scope and delivery. The last five years have seen the British Business Bank build a strong track record of developing carefully targeted programmes to improve small business finance markets. We are well placed to support smaller businesses across the UK at every stage of development now and in the future.”
Lord Smith of Kelvin, Chair of the British Business Bank, said: “Smaller businesses are of huge importance to the UK economy and this report shows the British Business Bank is playing a crucial part in their growth and success.”
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
Smaller businesses are of huge importance to the UK economy and this report shows the British Business Bank is playing a crucial part in their growth and success.
