At the end of March 2020, the British Business Bank (BBB) revealed that it had provided £ 8bn in financial support through its various programs, a 21% increase from £ 6.6bn in March 2019.
The UK’s National Economic Development Bank has released its 2020 Annual Report and Accounts, revealing that it has worked to create a more diverse financial market for small businesses. According to the Bank, 93% of the financing supported during the last fiscal year was provided by smaller, newer or alternative donors.
The BBB also announced that at the end of March this year it was working with over 140 funders in total.
Catherine Lewis La Torre, CEO of BBB, explained: “The Bank and our role in the UK economy have been highlighted as we continue to work as a trusted partner to the government to create the conditions for it. ‘better access to finance. this will allow small businesses to stabilize, prosper and grow.
“The results reported in this set of accounts, which include our support for £ 8bn in funding to 98,000 businesses, demonstrate that we continue to deliver value for money for taxpayers.”
Since March 2020, the Bank has launched four new business loan programs against the coronavirus and announced that it has provided tens of billions of pounds in financing to more than one million businesses across the UK.
During the last financial year, the Bank achieved the following:
- The Bank identified regional imbalances in access to finance and pushed its regional funds to make a total of £ 436 million in investments. The number of SMEs outside London benefiting from the Bank’s programs has increased to 83,000 from 75,000 in March 2019;
- It has helped SMEs find the financing best suited to their needs, as evidenced by the 21% increase in the number of visitors to the Bank’s online finance hub;
- Its business arm, made up of British Business Investments and British Patient Capital, achieved a record level of new commitments, totaling £ 952 million over the year;
- The Bank’s flagship corporate finance guarantee has been broadened to support a wider variety of finance through asset finance and lender-to-asset finance;
- Finally, its start-up loan program announced that it has loaned £ 500million since its inception in 2012, a milestone for the company.
Lord Smith of Kelvin, Chairman of the British Business Bank, added: “We expect the BBB to play an increasingly important role in the UK’s economic recovery as we emerge from the pandemic. We are ready, willing and able to do what is necessary to help meet the challenges that lie ahead. “
Established in 2014, BBB is the UK government’s economic development bank that aims to make SME financial markets more efficient, enabling businesses to grow and grow the UK economy. He mainly designs and manages SME financing access programs for the government.
The Bank also strives to publicize the financing options available to small businesses:
- The Guide to Financing for Businesses outlines the range of financing options available to businesses at all stages;
- The BBB Finance Hub provides information to high-growth companies on their financing options, with short films, expert guides, checklists and articles from financing providers, case studies and lessons from real life. companies.