The British Business Bank (BBB) has reported that the total stock of finance provided through its programmes in the last financial year rose by 33% to £12.25bn.
In its annual report for 2017/18, the bank revealed that 95.6% of the support it offered was delivered through smaller, newer or alternative finance providers, up from 94% in 2015/16.
During the past year, nearly 75,000 SMEs received a loan or investment through BBB programmes, while an additional £678m was committed through delivery partners to increase the supply of finance to the market.
Highlights also included the development of a new British Patient Capital programme providing up to £7.5bn of finance, while the bank’s Enterprise Finance Guarantee programme passed the £3bn provided milestone in November 2017.
The BBB’s Enterprise Capital Funds programme’s investment capacity also increased to over £1bn and the bank launched the £250m Midlands Engine Investment Fund.
“Businesses at all stages – whether start-ups, scale-ups or well-established firms – need the right sort of finance to realise their potential,” said Keith Morgan, CEO at the BBB (pictured above).
“We help the market meet those needs more effectively.
“The gearing up of our delivery and capability in the last year means we are ready and able to support more businesses across the UK in the future, whatever opportunities and challenges may lie ahead.”
Lord Smith of Kelvin, chair at the BBB, added: “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.”
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