Source · Select Committees · Treasury Committee
Recommendation 16
16
Accepted
Paragraph: 88
Consult with BBB to raise awareness and implement annual criteria for assessing SME engagement.
Recommendation
Government, including HM Treasury and the Department for Business and Trade, should consult with the BBB on an ongoing basis to ensure that everything possible is being done to raise awareness and increase engagement from the SME community. This should include assessing whether the BBB has sufficient resources to publicise its services effectively. Government should subsequently implement criteria by which they can assess the effectiveness of the BBB in reaching SMEs, which they should publish annually.
Government response summary AI-generated
The government agrees with the recommendation and commits to working with the British Business Bank (BBB) to improve SME access to finance, providing over £1 billion in funding for the BBB. It notes that the BBB has already published an SME Impact Report addressing the assessment of its reach.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
88
Government Response
Accepted
HM Government · verbatim extract
Accepted
26. 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.
Read the full response on Parliament ↗