A decade of growth: British Business Bank powers £6bn revenue boost
The British Business Bank is marking a decade of impact, after supporting 18,000 smaller businesses in the West Midlands, which is expected to create 16,000 more jobs and sustain 202,000 existing positions.
In its The Power of 10: 10 Year Impact Report, the bank projects that the businesses it has backed will generate £6bn in additional revenue, enhancing the region’s economic output by £3bn over the lifetime of the finance.
Initiatives like the Regional Angels Programme and the £1.6bn Nations and Regions Investment Funds, which include the Midlands Engine Investment Fund II, have spurred regional innovation clusters and retained high-growth businesses in these areas.
The Midlands Engine Investment Fund II alone has committed more than £17m to smaller businesses in the region since its February 2024 launch, leveraging an additional £10m in private sector investment within ten months.
Beyond these milestones, 84% of businesses supported by the bank operate outside London. Of the loans awarded, 37% have gone to female founders, while 26% have supported entrepreneurs from Black, Asian, or Other Ethnic Minority backgrounds.
To further support female entrepreneurs, £50m is set to be invested into female-led funds through existing programmes, fuelling the goals of the Invest in Women Taskforce, a government-backed initiative aimed at increasing access to finance for female business leaders.
Louis Taylor, CEO of 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.”
