British Business Bank invested £527m in UK small businesses from 2015 to 2016
Government-owned bank increased its finance to small firms by 45% last year and now claims to support more than 48,000 businesses via 90 partners
The British Business Bank plc; the economic development bank owned by the government, has published its annual accounts and revealed that it invested a total of £527m in small and medium enterprises across all of its programmes in the last year.
According to its annual performance review for 2015 to 2016, the Bank now works with 90 finance partners to support over 48,000 businesses with £7.5bn in total stock of finance.
Th Bank has also reported that it increased its supply of finance to small business by 45% over the past year and claims that it has helped smaller firms to better understand their finance options – it suggests that awareness of different forms of funding has risen to 48% from 45% across 2014 to 2015.
The Bank currently supports a total of £3.1bn of finance to small and medium enterprises and an additional £4.4bn to mid-cap companies (those with market capitalisation of between $2bn and $10bn).
Keith Morgan, CEO of the British Business Bank, commented: “During the year we have developed new finance initiatives that serve the needs of smaller businesses, supported the government’s key priorities and delivered on our return target.
“As we enter a period of increased uncertainty, we will redouble our efforts to support key segments of the small business finance market, helping the UK’s smaller businesses realise their potential.”