British Business Bank reveals impact after a decade of support for small businesses in the North West

Since it was established in 2014, the British Business Bank has delivered funding to over 24,000 smaller businesses across the North West of England according to findings published in the Bank’s The Power of 10: 10 Year Impact Report.

Assessment of the British Business Bank’s impact found support to small firms in the North West represent almost 12% of total support provided. North West small businesses supported by the Bank are projected to generate an additional £9 billion in turnover. Through this growth, the Bank estimates that these businesses will boost UK economic output by an estimated £4 billion over the lifetime of their finance.

Having supported North West businesses and facilitated economy-wide growth, the finance provided is expected to create over 23,000 jobs in business based in the region, along with sustaining an additional 259,000 existing positions.

Delyth Edwards, Senior Network Manager for the North West of England at British Business Bank, commented:

“The impact we’ve had across the North West of England over the last 10 years is nothing short of remarkable. The British Business Bank was established to ensure every small business can access the finance they need to start up, scale and grow, no matter where they’re based in the UK. And that’s exactly what we’ve achieved.

“The North West has long been a hub for research and innovation, and through the support we’ve provided, we’ve been able to help founders from all backgrounds create some truly incredible businesses, crowding in investment from the private sector, and ultimately delivering regional economic growth and creating jobs in the local community.

“This is exactly what we want to continue doing across the North West, and indeed across the rest of the UK. Our region is home to a whole host of incredibly ambitious businesses and entrepreneurs, and it’s our job to make sure they have the right support and funding ecosystem around them to help unlock this potential.”

Across the UK, the Bank has delivered more than £32 billion in combined public and private sector funding since 2014, supporting 209,000 smaller businesses. This is expected to create 250,000 additional jobs and has supported almost 2.3 million existing positions.

The smaller businesses supported by the Bank nationally are projected to generate £97 billion in additional turnover, which the Bank estimates will boost UK economic output by around £43 billion over the lifetime of their finance, contributing significantly to long-term economic value and innovation.

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.”

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.”