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

The London Stock Exchange today welcomes the British Business Bank as it celebrates 10 years of supporting smaller businesses across the UK.

Today the British Business Bank publishes the Power of 10: 10 Year Impact Report, highlighting its impact on the UK economy.

Since it was established in 2014, the British Business Bank has delivered more than £32bn 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, cementing its role as a critical driver of growth and employment in the UK since its inception.

The Power of 10: 10 Year Impact Report, reveals smaller businesses supported by the Bank are projected to generate £97bn in additional turnover and around £43bn additional economic output over the lifetime of their finance.

The Bank's activities including commercial and subsidised programmes have also achieved a net 4.2% annual adjusted rate of return, demonstrating that economic impact and financial returns can be delivered simultaneously.

Louis Taylor, CEO, British Business Bank, said: “The findings of 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 in 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.”

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, 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. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £17.4bn^[1] of finance to almost 64,000^[2] smaller businesses.

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.