The bank increased finance to small companies by 45% in 2015 and now works with 90 finance partners to support over 48,000 businesses. The bank revealed that it took on nine new partners from 2015 to 2016.
According to the bank, it has helped businesses to have a better understanding of their finance options, with awareness of different types of funding increasing to 48%, up from 45% from 2014 to 2015.
The bank currently supports over £3.1bn of finance to SMEs and a further £4.4bn to small mid-cap companies, which are companies with market capitalisation of between US$2bn and US$10bn.
Commenting on the figures, British Business Bank CEO, Keith Morgan, stated that during the year, the bank has developed new finance initiatives that serve the needs of smaller businesses and that it has supported the government’s “key priorities” and delivered on its return target.
He said: “As we enter a period of increased uncertainty, we will redouble our efforts to support key segments of the small business finance market, helping the UK’s smaller businesses realise their potential.”
The annual performance review also showed that £85m of new investment capacity has been enabled by the bank’s Enterprise Capital Funds Programme, which brings the total investment capacity to over £650m.