Of £5bn in loans from the British Business Bank to boost small and medium-sized firms, £380m has gone to companies in the West Midlands.
The bank’s ‘ENABLE Guarantees’ and ‘ENABLE Build’ incentivise lenders to finance smaller firms with government-backed guarantees.
Since 2017 the schemes have put more than £2.3bn of support into the construction and housing sectors. The hospitality sector has received over £270m and agriculture over £260m.
Chancellor 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.
“Not only has this programme delivered much-needed investment to areas outside London and the South East, it has supported the construction and housing sectors to get Britain building again.”
Michael Strevens, of British Business Bank, said: “ 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.”
