Source · Select Committees · Treasury Committee
Recommendation 15
15
Acknowledged
Paragraph: 87
British Business Bank praised for SME support, but greater engagement required.
Conclusion
We commend the British Business Bank for its role in providing support to SMEs. We would like to see more smaller businesses visiting the Finance Hub and making use of its resources, as well as wider BBB programmes.
Government Response Summary
The government agrees on the British Business Bank's important role in supporting SMEs and expresses a shared desire for more SMEs to utilise its Finance Hub, committing to work with the BBB to improve access to finance through targeted interventions.
Paragraph Reference:
87
Government Response
Acknowledged
HM Government
Acknowledged
The Government agrees with the Committee that the British Business Bank (BBB) plays an important role in providing support for SMEs. We will work with the BBB to improve the access to finance landscape for SMEs, stimulating supply and demand through targeted interventions. We plan to build on the work the BBB has done to date as it strives to create the opportunity for smaller businesses to invest and grow, generating additional jobs and elevated economic activity. We also agree with the Committee that BBB’s finance hub is an important resource that helps smaller businesses understand the finance landscape and provide information on the options available based on their needs. This information is key in assisting SME access the finance they need, and we would like to see more SMEs utilising this service.