British Business Bank supports £6.8bn of SME finance in 2024/25

The British Business Bank supported £6.8bn of finance for smaller businesses last financial year, returning a statutory profit before tax of £144m.

This enabled the Bank to support 24,000 businesses that had never received Bank-supported funding before, as well as 4,000 businesses that had previously received funding. In total, 84 per cent of businesses supported were outside of London.

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The activities from last year are expected to produce around 38,000 additional jobs, with £8bn of gross value added over the lifetime of the finance.

The Bank made £385.8m of debt commitments against a target of £382.5m, with just over £2bn of guarantee commitments against a target of £1.8bn.

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“In a busy and productive 2024/25, the British Business Bank amplified its role, delivering significant impact in driving economic growth and innovation and playing its part in the economic transformation of the UK’s Nations and regions,” said Louis Taylor, chief executive of the British Business Bank.

“At the same time, we have undertaken a significant reshaping of our organisation to prepare for an expanded mandate and long-term ambitions.

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“Having an economic development bank with permanent capital and a consistent risk appetite, underpinning the UK venture and growth market through its cycles, is a powerful and very positive development.”