In the decade since its creation, the British Business Bank has supported 6,000 businesses in Northern Ireland, which are projected to create 4,000 jobs over the lifetime of their finance.
And these smaller businesses are projected to generate £2 billion in additional turnover as they sustain 62,000 local jobs, contributing significantly to long-term economic value and innovation in the region.
The figures are contained in the bank’s “Power of 10″ impact report, which also highlights how the bank has delivered more than £32bn in combined public and private sector funding across the UK, supporting 209,000 smaller businesses which are expected to create 250,000 additional jobs and sustain almost 2.3 million existing positions.
Since it was established in 2014, the British Business Bank has leveraged more than £4 of private sector investment and lending guaranteed for every £1 of public funding deployed, which is says demonstrates its ability to act as a catalyst for private funding.
Its network of over 200 delivery partners - which includes banks, fintech providers, and venture capital funds - has been instrumental in addressing structural market gaps and enabling innovation across the UK.
The 10-year impact report shows the bank’s activities have achieved a 4.2% annual combined commercial, mandated and service arm adjusted rate of return, demonstrating that economic impact and financial returns can be delivered simultaneously.
As the UK’s largest domestic investor in venture and venture growth capital, it supported 11% of all UK smaller business equity deals and with these deals accounting for 15% of total smaller business equity investment over the past decade. Equity finance activity has grown significantly, with £8bn deployed in the last three years alone.
This investment has catalysed growth in high-potential sectors such as life sciences, clean tech, and advanced software, driving innovation across the UK economy. Among these high-growth businesses backed by the bank, 150,000 new jobs and £29bn in GVA are expected to result from rapid expansion.
The British Business Bank has successfully backed businesses regionally, with 84% of the firms it has supported being based outside London.
Programmes such as the Regional Angels Programme and the £70 million Northern Ireland Investment Fund have driven investment in regional innovation clusters, helping to retain high-growth businesses in these areas.
- £2m bank-backed investment for family-owned Newry car dealerOpens in new window
- £6m of equity is deployed in first year of NI Investment FundOpens in new window
- British Business Bank launches new scheme to help smaller firms access growth financeOpens in new window
- Eating Out: Mama Bobo Africa – From Nigeria... to the Ormeau RoadOpens in new window
British Business Bank’s chief executive Louis Taylor said: “The Power of 10: 10 Year Impact Report highlights the transformative role we have played in driving economic growth and shaping the financial landscape for smaller businesses across the UK.
“From improving access to finance across Northern Ireland 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.
“The catalytic impact of the British Business Bank and impressive track record crowding in private funding will become even more crucial as we establish the British Growth Partnership, subject to regulatory approval, unlocking the huge potential of UK pension funds and other institutional investors in venture capital funds and the UK’s innovative businesses.”
Among businesses the bank has supported in Northern Ireland is Mama Bobo, an African restaurant in Belfast owned and run by Hammy Obikoya from Nigeria.
He will tell his story at a special 10th anniversary celebration by the British Business Bank on Thursday January 30 in Belfast’s Titanic Hotel, at which other speakers include Paul Millar (Whiterock Finance), Clare McGee (AwakenHub), Michael McQuillan (Enterprise NI), Hugh Cormican (Cirdan) and Karen Gardiner (Ground Espresso Bars).
