Interim Evaluation of the ENABLE Funding Programme (British Business Bank)

Summary

• As of March 2025, the ENABLE Funding programme had facilitated more than £2.8 billion of finance to over 90,000 SMEs across the UK.p.4
• ENABLE Funding had five active delivery partners as of March 2025, down from six in December 2023 following the full refinancing and exit of one partner.p.4
• Lending to UK SMEs fell by more than 22% between early 2009 and the second quarter of 2013 following the global financial crisis.p.32
• ENABLE Funding contributed £676 million toward the British Business Bank's facilitated finance stock of £12.4 billion in 2022/23.p.44
• Programme income from interest and fees exceeded operational costs in both FY 2022/23 and FY 2023/24.p.49

Key insights

1. Econometric event study modelling found no statistically significant association between programme participation and percentage change in gross SME lending due to data limitations and small sample size.p.44
2. Four out of seven interviewed delivery partners stated that ENABLE Funding enabled them to reduce the cost of lending through access to cheaper funds.p.9
3. Four out of seven delivery partners confirmed that participating in the programme supported an increase in the total volume of finance lent to businesses.p.9
4. The programme received an overall rating of 'Good' across the National Audit Office three 'E's framework of Economy, Efficiency, and Effectiveness.p.38
5. Only two delivery partners, Propel Finance and Mitsubishi Capital, had completed securitisation transactions to refinance receivables into capital markets at the time of evaluation.p.44
6. Funding Circle and White Oak completed their participation and exited the ENABLE Funding programme.p.44
7. Delivery partners highlighted that due diligence and reporting requirements helped them build institutional capacity and systems required for capital markets readiness.p.41