The British Business Bank has published its ten-year impact report, highlighting its effect on the UK economy.
Since it was established in 2014, the British Business Bank has backed 19,000 businesses in the south west, supporting 193,000 jobs, expected to create 16,000 new ones and expected to generate £7 billion of additional business turnover.
The result is expected to be more than £3 billion of additional economic activity (Gross Value Added or GVA) generated in the region, cementing the bank’s role as a critical driver of growth and employment in the UK since its inception.
The figures are contained in a new report, The Power of 10: 10 Year Impact Report, published today (Jan 22) by the British Business Bank, which is the UK Government’s economic development bank. Its mission is to drive sustainable growth and prosperity across the UK, and to enable the transition to a net zero economy, by improving access to finance for smaller businesses.
In the south west, the bank has recently marked a number of significant milestones, including the 100th deal completed by its £200 million South West Investment Fund, which offers finance to businesses across the region from £25k loans to £5 million equity, and hitting the £100 million lending milestone for its Start Up Loans programme, which has helped more than 10,000 start-ups across the region.
It has also supported the launch of the Cornwall Angel Network, bringing more potential funding options to south west entrepreneurs.
Nationally, the report says that the British Business Bank delivered more than £32 billion in combined public and private sector funding, supporting 209,000 smaller businesses which are expected to create 250,000 additional jobs and sustain almost 2.3 million existing positions.
Smaller businesses supported by the Bank are projected to generate £97 billion in additional turnover, and through their growth estimated to boost UK economic output by around £43 billion over the lifetime of their finance, contributing significantly to long-term economic value and innovation.
British Business Bank CEO, Louis Taylor, said: “The Power of 10: 10 Year Impact Report highlights the transformative role the British Business bank has played in driving economic growth and shaping the financial landscape for smaller businesses across the UK.
“From improving access to finance across the UK’s Nations and regions to backing innovation and championing sustainable growth, we are proud of the impact we’ve achieved over the past decade. Looking ahead, we remain committed to supporting smaller businesses, unlocking private sector investment, and helping the UK meet its economic goals.”
You can read the full report here.
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