Ian Garner
Business Writer
1:00 AM 18th January 2025
business
I attended a recent event, and one of the presenters represented the British Business Bank.
I was surprised to hear that most business people at the event didn’t know anything about the British Business Bank (BBB).
The BBB is a government-owned but independently managed economic development bank, wholly owned by the Department for Business and Trade. The bank consolidates various government financial schemes, advice services, and expertise, thereby serving as a comprehensive resource for small and medium enterprises (SMEs).
The bank’s head office isn’t in London; it’s at Steel City House, West Street, Sheffield, S1 2GQ.
It works closely with the finance sector and entrepreneurs, striving to make finance markets work better so businesses in the UK can survive, thrive, and grow.
The bank provides improved access to financing, supplies useful information and tools, and builds strong regional networks, helping shape a brighter future for numerous small businesses across the UK.
As a government-owned organisation, the bank has both commercial and social responsibilities.
Its mission is to support sustainable growth and prosperity in the UK, help transition to a net zero economy, and make financing available to small businesses.
The bank’s ‘Investing in Women Code’ is a commitment to support the advancement of female entrepreneurship in the United Kingdom by improving female entrepreneurs’ access to tools, resources, and finance from the financial services sector.
The bank believes a diverse and inclusive business ecosystem is good for customers, entrepreneurs, businesses, investors, and society.
The Department for Business and Trade and their signatory firms share a commitment to work in partnership to make the United Kingdom one of the most attractive countries in the world to start and grow a business by advancing female entrepreneurship in the United Kingdom.
The British Business Bank works with over 180 financial partners to unlock financing for smaller businesses.
They offer a range of solutions to help their partners finance more young and fast-growing small companies in the UK.
They also have a commercial arm with separate governance and return targets, which can fund providers of finance to smaller businesses on a purely commercial basis.
Driving sustainable growth ensuring smaller businesses can access the right type of finance they need to start, survive, and grow.
Backing innovation ensuring innovative businesses can access the right capital to start and scale.
Unlocking potential and unlocking growth by ensuring entrepreneurs can access the finance they need regardless of where and who they are.
Building the modern, green economy financing groundbreaking solutions to climate change and helping smaller businesses transition to net zero so they thrive in a green future.
Since 2012, BBB has delivered 15,000 loans to support small business owners aged 18-24.
Access to finance and advice is available as part of the Help to Grow Scheme to drive the government’s ambition to make the UK the best place to start and scale a small business.
Since 2012, young business founders aged 18-24 have received 15,000 Start Up Loans worth over £100 million.
The Start Up Loan Scheme is government-backed finance delivered through the British Business Bank, which has delivered over £1 billion in loans to SMEs across the country since the scheme launched in 2012.
In March 2024, the Northern Powerhouse Investment Fund made £660 million available to help businesses grow and invest. The Northern Powerhouse Investment Fund II offers a range of commercial finance options with smaller loans and debt finance from £25,000 to £2 million and equity investment up to £5 million. The fund covers the whole of the North, including rural, coastal, and urban areas.
If you are one of those businesses that might benefit from help, you could do worse than finding out about the British Business Bank.
This post was originally published on here
