16,000 new jobs expected in region thanks to finance from British Business Bank, report claims

The Power of 10: 10 Year Impact Report, reveals Yorkshire and the Humber-based smaller businesses supported by the Bank are projected to generate an additional £6bn in turnover.

Through this growth, the Bank estimates that these businesses will boost UK economic output by an estimated £3bn over the lifetime of their finance.The finance provided is expected to create over 16,000 jobs among businesses in the region, along with sustaining an additional 186,000 existing positions.

Cat Smith, senior network manager for Yorkshire and the Humber at British Business Bank, said: “The impact we’ve had across Yorkshire and the Humber over the last 10 years is nothing short of remarkable.

“The British Business Bank was established to ensure every small business can access the finance they need to start up, scale and grow, no matter where they’re based in the UK. And that’s exactly what we’ve achieved.”

The report also states that across the UK, the Bank has delivered more than £32bn in combined public and private sector funding since 2014, supporting 209,000 smaller businesses.

This is expected to create 250,000 additional jobs and to support almost 2.3 million existing positions.

The smaller businesses supported by the Bank are projected to generate £97bn in additional turnover, which the Bank estimates will boost UK economic output by around £43bn over the lifetime of their finance.

84 per cent of businesses supported by the bank are based outside London.

Louis Taylor, CEO, British Business Bank, added: “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."

Business Secretary, Jonathan Reynolds, said: “Over the past decade, the British Business Bank has empowered smaller businesses to thrive, creating opportunities and driving growth across the UK. The work of the British Business Bank is essential in our mission to grow the economy and improving living standards by supporting small businesses to flourish.”