Notes to editors
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support nearly £8bn[1] of finance to almost 94,800 smaller businesses[2]. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses.
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.
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[1] Figures as at end of June 2020
[2] Figures as at 28 January 2021
About BCRS Business Loans
BCRS Business Loans is a co-operative business loan fund run on a non-profit distributing basis. It is owned and run by its Member Investors who elect representatives to the Board of Directors at each Annual General meeting.
Established in 2002, BCRS is committed to lending to viable businesses in the West Midlands that have been unable to secure funding through mainstream lenders.
As a mutual organisation its purpose is to provide access to finance to enable local businesses to grow and prosper. BCRS offers loans to businesses making a positive contribution to the social, environmental or economic wellbeing of the West Midlands.
BCRS receives funding from the European Regional Development Fund and Regional Growth Fund. This Regional Growth Fund programme is provided through Responsible Finance (formally known as the Community Development Finance Association) – www.responsiblefinance.org.uk. It provides loans to small, micro and social enterprises through the community finance sector. £30million of funding is provided by the Government’s Regional Growth Fund, matched with a further £30 million by the Co-operative Bank and Unity Trust Bank. Over £12 million of this was allocated to BCRS to lend across the West Midlands.
In addition, BCRS Business Loans is a delivery partner for the Midlands Engine Investment Fund (MEIF) and as such is responsible for distributing the £17 million small business loan fund in the West Midlands. The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, and is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
BCRS Business Loans also delivers a fund worth £7.5 million from the Community Investment Enterprise Fund (CIEF), which was established by social investment champion Big Society Capital and managed by Social Investment Scotland (SIS). This has been match-funded by Triodos Bank UK, one of Europe’s leading sustainable banks, to create a total fund of £15 million.
Responsible Finance is the trade association for the responsible finance industry that provide finance and support to help enterprises and individuals develop and create wealth including support to disadvantaged communities.
About Responsible Finance Providers
BCRS is a Responsible Finance Provider. Responsible Finance Providers lend money to businesses, social enterprises, community groups, charities, and households who are unable to get finance from high street banks and loan companies. They often help deprived communities and underserved markets where market failures exist in mainstream bank lending. There are currently around 60 active Responsible Finance Providers collectively covering all regions of the UK.
BCRS is a founder member of the Fair Finance Consortium of “not for profit” lenders in the West Midlands www.fair-finance.net, and a Charter member of the National Trade Association – Responsible Finance.
BCRS employs a staff of 17 at its HQ at Wolverhampton Science Park, WV10 9RU.
