New figures published by the British Business Bank reveal that almost £70m has been lent to small businesses in the Midlands through its Start Up Loans programme since it was set up in 2012.

Overall, the programme has lent £500m to businesses across the UK via 63,920 loans. A total of £44.8m has been received by companies in the West Midlands through 5,423 loans, while £26m has been lent to firms in the East Midlands, through 3,602 loans.

The British Business Bank is a government-owned but independently managed business development bank. Its programmes are designed to bring benefits to smaller businesses that are start-ups, high growth, or simply viable but underfunded.

It does not lend to or invest directly in businesses, but instead works with partners such as banks, leasing companies, venture capital funds and web-based platforms to provide finance for SMEs.

Data from the British Business Bank’s Small Business Equity Tracker report revealed that a record £6.7bn of equity finance was invested into UK SMEs last year, with increased levels of investment into the West Midlands.

The figures showed that investment in West Midlands’ firms rose by 81 per cent in 2018 to £207m, with an increase in deal size being the key driver. The British Business Bank’s own Midlands Engine Investment Fund (MEIF) helped contribute to 20 per cent of total equity deals in the West Midlands region.

If you are a small business looking for investment visit British Business Bank’s Finance Hub to identify suitable finance options to help your business grow.

Or visit our Growth for Small Businesses page for support and advice on how to access finance.