British Business Bank's backing for West Midlands highlighted

The British Business Bank’s The Power of 10: 10 Year Impact Report, said smaller businesses supported by the Bank are projected to generate £6bn in additional turnover. 

Through their growth it is estimated they will boost the West Midlands economic output by around £3bn over the lifetime of their finance.

The report says the British Business Bank has successfully supported businesses across the UK, with 84 per cent 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, with an estimated  £3bn in Gross Value Added (GVA) expected in the West Midlands and sustaining more than 202,000 jobs, with an additional 16,000 jobs expected to be created as a result.

Programmes such as the Regional Angels Programme and £1.6bn Nations and Regions Investment Funds, of which the Midlands Engine Investment Fund II is part, have driven investment in regional innovation clusters, helping to retain high-growth businesses in these areas.

.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.”