March 26th, 2019.

The British Business Bank is the government’s economic development bank. It aims to support smaller British businesses by making the markets which serve them work more effectively.

The British Business Bank currently supports almost £5.92 billion of finance to around 7,582,000 smaller businesses (as of end September 2018) under the direction of CEO Keith Morgan.

British Business Bank was first announced in September 2012 by the then business secretary Vince Cable, with initial funding of £1 billion of taxpayers’ money. Its founding aim was to increase the supply and diversity of finance to small companies.

It does not lend outright, but channels money through finance providers – including by investing in venture capital funds, funding businesses through peer-to-peer lenders and other platforms, and by issuing guarantees.

At the last general election, the Conservatives announced that the bank would take over from the European Investment Bank (EIF) after Brexit if required, receiving UK funds which previously went to the European Investment Fund. The bank would also establish a regional presence in all areas of the country.

For the full story at growthbuiness.co.uk CLICK HERE.