British Business Bank reports increase in finance supply to businesses
Figures from the UK’s national economic development bank, the British Business Bank, have shown an increase in the bank’s supply of finance to smaller businesses.
The bank’s Annual Reports and Accounts for 2017/18 showed that the total amount of finance provided through its programmes has reached £12.25bn, a rise of 33% over the last financial year.
The report showed that the British Business Bank has also helped small businesses to have access to a more diverse finance market, with 95.6% of support being offered through small, new or alternative finance providers, up from 94% in 2015/16.
The bank has also helped to boost awareness of different finance options, with the bank’s Business Finance Guide being accessed either online or via hard copy almost 85,000 times, a rise of 66% from 2016/17. Half of SMEs were found to be aware of a variety of finance options.
The British Business Bank has helped almost 75,000 small and medium-sized businesses to have access to finance through its programmes, while its flagship Enterprise Finance Guarantee programme hit a £3bn milestone in November last year.
The report also highlighted the new British Patient Capital programme, a £7.5bn scheme that will help high growth potential innovative businesses in the UK to have access to long-term finance to enable them to grow their business.
The British Business Bank’s Chair Lord Smith of Kelvin: “We are in a strong position at the end of the 2017/18 financial year, enhancing our infrastructure, our organisation and our delivery to smaller businesses.
“I look forward to working with the dedicated team at the Bank to help even more businesses to maintain and grow their enormous contribution to the UK economy.”