Steel City House
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The UK Government established the British Business Bank (BBB), a state-owned development bank, in 2013. Owned by the Department for Business, Energy and Industrial Strategy, the bank’s main office is in Sheffield, Yorkshire.
The BBB’s mission is to drive sustainable growth and prosperity across the UK, and to enable the transition to a net zero economy, by supporting access to finance for smaller businesses. Its objectives include increasing the supply of finance available to small and medium-sized businesses (SMEs), creating a more diverse SME finance market, reducing regional access to finance imbalances and helping SMEs to understand their financing options.
BBB primarily provides support to businesses with annual revenues up to mGBP 50. The bank does not for the most part provide finance directly to SMEs; instead, it collaborates with other financial organisations to widen access to capital.
The bank established its Sustainability Hub in February 2022 with the goal of educating smaller companies about the financial advantages of decarbonisation investments. Articles on themes including developing action plans, sustainable logistics, and how to create a green supply chain are among the resources available.
As of end-2021, BBB had an outstanding guarantee volume of almost bEUR 82.8 and supported around 1.6 million SMEs.
|AECM accession year
|Public Limited Company
|Geographical and sectoral coverage
|Credit guarantees (loans, leasing, factoring, revolving credit), Portfolio guarantees, Wholesale funding and mezzanine capital, Debt fund investments, Regional investment funds, Start Up Loans, Angel co-investment, Venture capital, Information services
Sheffield/Brussels, 4th January 2023