The British Business Bank has provided crucial support to 1,700 small businesses across the East Midlands, which are set to create 1,200 new jobs and generate an estimated £600m in additional turnover by 2024/25. This assistance is projected to contribute £200m to the region’s economic output over the lifetime of the funded businesses.
A significant factor in this achievement is the £400m Midlands Engine Investment Fund II, which has already secured £37m in funding from both public and private sectors. The Bank’s increased financial capacity, now raised to £25.6bn following June’s Spending Review, allows for greater annual investments of approximately £2.5bn, facilitating higher levels of third-party investment.
The Bank’s continued focus on regions outside London is clear, with 84% of supported businesses based in these areas. This funding boost is expected to enhance local productivity, foster business growth, and create new jobs, significantly driving regional economies and supporting the Bank’s broader commitment to development across the UK.
