Sheffield’s British Business Bank delivers £32bn

Sheffield-based British Business Bank said it has delivered more than £32 billion in combined public and private sector funding — supporting 209,000 smaller businesses — since it was established in 2014.

The British Business Bank’s The Power of 10: 10 Year Impact Report reveals smaller businesses supported by the UK’s economic development bank are projected to generate £97 billion in additional turnover and around £43 billion additional economic output over the lifetime of their finance.

“As the UK’s largest domestic investor in UK venture and venture growth capital, the Bank supported 11% of all UK equity deals and supported deals accounting for 15% of total equity investment over the past decade,” said the bank.

“Equity finance activity has grown significantly, with £8bn deployed in the last three years alone.

“This investment has catalysed growth in high-potential sectors such as life sciences, clean tech, and advanced software, driving innovation across the UK economy. Among these high-growth businesses backed by the Bank, 150,000 new jobs and £29bn in Gross Value Added ( GVA ) are expected to result from rapid expansion.

“Additionally, the launch of British Patient Capital in 2018 and subsequent programmes, including the Life Sciences Investment Programme and Future Fund: Breakthrough have accelerated equity flows to transformative sectors.”

British Business Bank CEO Louis Taylor 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.”