In a changing global environment, supporting the UK’s small and medium-sized businesses and ensuring they get the finance they need to support their ambitions is essential for the UK’s competitiveness. The roll-out of the British Business Bank’s network of regional managers will help even more businesses become aware of the full range of options available to them.
What is the British Business Bank’s UK network?
The British Business Bank is a government-owned, independently-run development bank that’s helped more than 74,000 growing businesses find the right finance option to help them reach their next ambition. Their UK network of regional managers will operate right across the UK, physically located within each of the English regions and the three Devolved Nations.
Engaging with business finance stakeholders throughout the UK, the UK Network will seek to enhance business finance ecosystems across the UK, so smaller businesses, wherever they are, can grow and prosper.
Why does this matter?
CBI members can have the best management skills and long-term strategies and still don’t get the long-term finance they need. A significant barrier to seeking long-term investment is anchored in misinformation, poor communication and a lack of awareness of the finance options available to firms. There is a collective responsibility to ensure that those firms with the long-term drive to achieve more have the right tools and information at their disposal to make the most attractive propositions possible. The CBI has long called for a regional network of experts to directly engage SMEs and guide them to the finance they need to grow.
There is a need for a broader approach to move the dial on finance for growth. The CBI is keeping up the pressure on the supply and demand side through a series of roundtables and forums across the regions and devolved nations, involving the British Business Bank’s UK network.