British Business Bank spells out its decade of impact on Yorkshire

Since it was established in 2014, the British Business Bank says it has supported over 18,000 smaller businesses across Yorkshire and Humber, representing nearly 9% of total businesses supported through the Bank.

Published today by the Sheffield-headquartered British Business Bank, The Power of 10: 10 Year Impact Report, reveals Yorkshire and the Humber-based smaller businesses supported by the Bank are projected to generate an additional £6bn in turnover.

Through this growth, the Bank estimates these businesses will boost UK economic output by an estimated £3bn over the lifetime of their finance.

The finance provided is expected to create over 16,000 jobs among businesses in the region, along with sustaining an additional 186,000 existing positions.

Cat Smith, senior network manager for Yorkshire and the Humber at British Business Bank, said: “The impact we’ve had across Yorkshire and the Humber 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.

“Yorkshire and the Humber is an incredibly diverse region which plays host to a number of key specialisms, from advanced manufacturing in Sheffield to financial and professional services in Leeds and digital and media in York.

“By working to ensure every ambitious entrepreneur across our region can access the finance they need, we’ve been able to crowd in private sector investment, delivering regional economic growth and create jobs in the local community.

“This is exactly what we want to continue doing across Yorkshire and the Humber, 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 £32bn in combined public and private sector funding since 2014, supporting 209,000 smaller businesses.

This is expected to create 250,000 additional jobs and to support almost 2.3 million existing positions.

The smaller businesses supported by the Bank are projected to generate £97bn in additional turnover, which the Bank estimates will boost UK economic output by around £43bn over the lifetime of their finance.

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.”