Watch more of our videos on ShotsTV.com and on Freeview 262 or Freely 565Visit Shots! nowBritish Business Bank publishes The Power of 10: 10 Year Impact Report, highlighting its impact on the Northern Ireland and wider UK economy· 4,000 jobs expected to be created in Northern Ireland through Bank-supported finance programmes· and 62,000 jobs supported Sarah-Jane Murray, Founder of Vocus Vit· NI smaller businesses supported by the Bank projected to generate £2bn in additional turnover.· UK economic output boosted by around £43bn through business growth over the lifetime of their finance · £32bn in combined UK public and private sector funding delivered· 84% of businesses supported are located outside LondonHammed Obikoya, Owner of Mama Bobo AfricaSince it was established in 2014, the British Business Bank supported finance programmes have supported 6,000 businesses in Northern Ireland which are projected to create 4,000 jobs over the lifetime of their finance. A report, published today by the Bank, also reveals these smaller businesses are projected to generate £2bn in additional turnover as they sustain 62,000 local jobs, contributing significantly to long-term economic value and innovation.The Power of 10: 10 Year Impact Report also highlights how the Bank has delivered more than £32bn in combined public and private sector funding across the UK, supporting 209,000 smaller businesses which are expected to create 250,000 additional jobs and sustain almost 2.3 million existing positions.As the Bank cements its role as a critical driver of growth and employment in the UK, the report shows its activities have achieved a 4.2% annual combined commercial, mandated and service arm adjusted rate of return, demonstrating that economic impact and financial returns can be delivered simultaneously. Louis Taylor, CEO of British Business BankAdvancing UK innovation through equity investmentAs the UK’s largest domestic investor in UK venture and venture growth capital, the Bank supported 11% of all UK smaller business equity deals and with these deals accounting for 15% of total smaller business equity investment over the past decade. Equity finance activity has grown significantly, with £8bn deployed in the last three years alone.This investment has catalysed growth in high-potential sectors such as life sciences, clean tech, and advanced software, driving innovation across the UK economy. Among these high-growth businesses backed by the Bank, 150,000 new jobs and £29bn in GVA are expected to result from rapid expansion.Additionally, the launch of British Patient Capital in 2018 and subsequent programmes, including the Life Sciences Investment Programme and Future Fund: Breakthrough have accelerated equity flows to transformative sectors.Leveraging private sector investmentOver 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.At the International Investment Summit, it was confirmed that the British Business Bank will establish the British Growth Partnership, subject to regulatory approval, encouraging more UK pension fund, and other institutional investment, into the UK’s fastest growing, most innovative companies. The initial fund will seek to raise hundreds of millions of pounds, including a commitment from the British Business Bank, to invest in some of the highest potential opportunities in the Bank’s venture capital pipeline.Ensuring access to finance reaches all UK Nations and regionsThe 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 is expected to generate significant economic benefits, estimated at £1bn in Gross Value Added (GVA) or more in each of the UK nations and regions, including Northern Ireland, and sustaining more than two million UK jobs, with an additional 250,000 jobs expected to be created as a result.By strengthening regional finance ecosystems, the Bank has fostered growth and innovation in underserved areas, helping to address long-standing disparities in access to finance.Programmes such as the Regional Angels Programme and the £70 million Northern Ireland Investment Fund have driven investment in regional innovation clusters, helping to retain high-growth businesses in these areas.Supporting a modern, green economy through sustainable financeThe Bank has played a pivotal role in supporting the transition to net zero and the UK’s position as a leader in sustainable growth. Up to 37% of smaller businesses supported have utilised finance to reduce their environmental impact or develop green business models.A significant focus on net-zero sectors, including clean tech, highlights the Bank’s commitment to fostering environmentally sustainable practices and supporting the UK’s transition to a greener economy.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 Northern Ireland 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 groupsThrough its Start Up Loans programme, the Bank has ensured that traditionally under-represented groups gain greater access to finance. To date, 40% of these loans have been awarded to female founders, while 20% 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 finance for female entrepreneurs. In addition, a set of reforms to the British Business Bank’s financial framework will put the Bank’s £7.9bn commercial programmes on a permanent footing. This means the Bank can flexibly re-invest its investment returns over the long term to increase growth and prosperity across the UK.Continue Reading