British Business Bank marks a decade of transformative impact on the economy and smaller businesses across the East Midlands

This cements the Bank’s role as a critical driver of growth and employment in the UK and its regional economies since its inception.

Published today, the British Business Bank’s The Power of 10: 10 Year Impact Report, reveals smaller businesses supported by the Bank are projected to generate £5bn in additional turnover. Through their growth, it is estimated they will boost the East Midlands economic output by around £2bn over the lifetime of their finance.

Ensuring access to finance reaches all UK Nations and regions

The British Business Bank has successfully supported businesses across the UK, with 84% of businesses supported based outside London, underscoring its commitment to delivering fair access to finance in all Nations and regions.

This support has generated significant economic benefits, contributing over £2bn in Gross Value Added (GVA) to the East Midlands and sustaining more than 161,000 jobs, with an additional 13,000 jobs expected to be created as a result.

Programmes such as the Regional Angels Programme and £1.6bn Nations and Regions Investment Funds, of which the Midlands Engine Investment Fund II is part, have driven investment in regional innovation clusters, helping to retain high-growth businesses in these areas.

Leveraging private sector investment

Over the past decade, the Bank has leveraged more than £4 of private sector investment and lending guaranteed for every £1 of public funding deployed, demonstrating its ability to act as a catalyst for private funding.

Its network of over 200 delivery partners, which includes banks, fintech providers, and venture capital funds, has been instrumental in addressing structural market gaps and enabling innovation across the UK.

The British Business Bank’s Midlands Engine Investment Fund II, which recently announced that it has committed more than £17m to the region’s smaller businesses since its launch in February 2024, has leveraged £10m of additional investment from the private sector in just ten months.

Louis Taylor, CEO, British Business Bank, 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.

“The catalytic impact of the British Business Bank and impressive track record crowding in private funding will become even more crucial as we establish the British Growth Partnership, subject to regulatory approval, unlocking the huge potential of UK pension funds and other institutional investors in venture capital funds and the UK’s innovative businesses.”

Breaking down barriers in access to finance for under-represented groups

Through its Start Up Loans programme, the Bank has ensured that traditionally under-represented groups in the East Midlands have gained greater access to finance.

To date, 38% of these loans have been awarded to female founders, while 27% have supported entrepreneurs from Black, Asian, or Other Ethnic Minority backgrounds. This focus on inclusivity reflects the Bank’s commitment to unlocking potential and diversifying access to finance and creating opportunities for underserved groups.

Looking to the future, the Bank is expanding access to funding for female entrepreneurs and will invest £50m into female-led funds through its existing programmes. This investment will support the aims of the Invest in Women Taskforce, which is an industry-led, government-backed initiative committed to increasing access to finance for female entrepreneurs.

Business Secretary Jonathan Reynolds said: “Over the past decade, the British Business Bank has empowered smaller businesses to thrive, creating opportunities and driving growth across the UK.

“They’ve supported more than 2 million jobs, created £97 billion in additional turnover, and delivered £32 billion in funding – its impact is clear. As part of our Plan for Change, this Government remains committed to building a high-growth economy, and the Bank’s success shows how public investment and private ambition can deliver lasting value for the nation.

“The work of the British Business Bank is essential in our mission to grow the economy and improving living standards by supporting small businesses to flourish.”