Overview
The British Business Bank (BBB) is a state-owned development bank established in 2014 to increase the supply and reduce the cost of finance for UK smaller businesses. It operates by partnering with existing lenders and investors, rather than lending directly to businesses. Its core mission is to foster a more competitive and diverse finance market, addressing market failures where private sector finance is insufficient. The BBB's activities span debt, equity, and guarantees, aiming to unlock £7.1 billion of new finance for 55,000 businesses by 2025, according to its own targets. It's a crucial, albeit often behind-the-scenes, player in the UK's economic ecosystem.
Key Facts
- Year
- 2014
- Origin
- UK Government
- Category
- Finance & Business Support
- Type
- Government Agency / Financial Institution