Impact Report 2024 (British Business Bank)

Summary

• The British Business Bank deployed £3.5bn of public funding into UK smaller businesses in 2023.p.3
• Activities in 2023 leveraged an additional £2.5bn of private sector capital alongside public funding.p.10
• Funding from 2023 is expected to create 39,400 additional jobs and £19.8bn of additional business turnover.p.10
• The Bank's 2023 activities are expected to generate £8.4bn of additional Gross Value Added (GVA) over the life of the finance.p.9
• For every £1 of Bank funding drawn down in 2023, it is expected to generate £2.40 of additional economic activity (GVA).p.12
• Outside London, 84% of supported businesses received £2.9bn of finance in 2023.p.10

Key insights

1. The British Business Bank deployed £3.5bn of public funding and unlocked £2.5bn from the private sector to deliver £6.0bn total support in 2023.p.11
2. Support for innovation accounted for 25% of total funding but is expected to generate 60% of additional jobs created and 72% of total additional GVA.p.11
3. The Bank supported 15% of all UK equity deals in 2023, accounting for 18% of total UK smaller business equity investment.p.11
4. 84% of businesses funded by the Bank in 2023 were located outside London.p.12
5. Start Up Loans reached diverse founders, with 40% going to female founders and 21% to Black, Asian, or Ethnic Minority founders.p.10
6. 35% of finance drawdown in 2023 was used to reduce environmental impact or support environmentally focused business models.p.10
7. The Bank achieved a 4.5% 5-year combined commercial and mandated adjusted rate of return.p.10
8. The Bank channelled £4.4bn of total public and private support into its strategic objective of unlocking potential.p.12