British Business Bank provides £9.2 billion to small businesses
(19 July 2017 - United Kingdom) The UK’s national economic development bank (BBB) facilitated £9.2 billion (A$15.1 billion) worth of loans to small businesses last year, a 24 percent increase on the previous 12 months.
The bank’s latest results show it recorded a four percent increase of adjusted return on capital employed, surpassing government targets.
During the year, the BBB launched its first regionally-focused fund, the £400 million Northern Powerhouse Investment Fund, and was awarded an additional £400 million in the autumn Budget to support later-stage venture capital.
The BBB said it has now given loans or investments to more than 59,000 small and medium sized companies.
“Over the past year, we have delivered strongly against our four key performance indicators, broadening our support to provide more finance and extra choice for smaller businesses, at all stages of their growth,” said chief executive Keith Morgan.
“It has been a year of significant expansion for the bank and, as our market impact continues to grow, we are well placed to respond flexibly to challenges ahead, helping to increase the amount and range of finance available to smaller UK businesses,” he said.