We’ve built a strong management team, incorporating expertise from the private and public sectors, and have appointed a full Board of Directors to advise and oversee the Bank’s activities going forward. Our programmes are already delivering significant results – a total of £782 million reached smaller businesses in the last fiscal year alone.
We’re also playing an important role in widening the finance options available to small companies by funding innovative providers of finance, such as peer-to-peer lenders, and will shortly start to guarantee some of the lending of smaller challenger banks.
Currently we are working with over 80 different suppliers of finance.
The “British Business Bank” currently exists as a programme within the Department for Business, Innovation and Skills (BIS). Once EU State aid approval has been granted, the British Business Bank will run as an arms-length institution. BIS will hand responsibility for state-funded business finance schemes over to the British Business Bank.