British Business Bank reaches £5bn lending milestone

The British Business Bank has reached the landmark milestone of £5bn of lending across the UK through its structured guarantee programmes, ENABLE Guarantees and ENABLE Build.

In Northern Ireland 30 smaller businesses have benefitted from funding totalling almost £32.5m.

The ENABLE Guarantees programme is designed to encourage additional lending to smaller and medium-sized businesses. Participating institutions are incentivised by a government-backed guarantee to support defined portfolios of debt finance in return for a fee.

The programme is open to all UK banks, UK branches of foreign banks, asset and asset-based finance providers as well as certain other categories of lenders which lend, or intend to lend, to viable small and medium-sized enterprises operating in the UK.

The ENABLE Build programme operates in a similar manner to the ENABLE Guarantees programme, but is focused on encouraging additional lending to smaller and medium-sized housebuilders in the UK.

Michael Strevens, Managing Director, Structured Financial Institutions, British Business Bank said: “It’s incredibly rewarding to reflect on the volume of lending to smaller and medium-sized businesses and the number of homes built that we’ve helped enable over the years.

“Our focus has always been on evolving our support to strengthen UK businesses, and it’s encouraging to see those efforts bearing fruit.

“Looking ahead, we’re focused on being more proactive — working closely with lenders to understand their challenges and tailor solutions that fit. That’s how we’ll unlock the next £5bn — and do so with greater pace and purpose."

Chancellor of the Exchequer, Rachel Reeves, said: “Our work with the British Business Bank is one of many levers we are pulling to go further and faster in our mission to deliver economic growth for the entire country and put more money in people’s pockets.

“This £5bn lending milestone is our Plan for Change in action. Not only has this programme delivered much-needed investment it has supported the construction and housing sectors to get Britain building again.”