The British Business Bank has supported 427 smaller businesses across the South East through more than £832m in lending, delivered via its ENABLE Guarantees and ENABLE Build programmes.
This makes the South East the second highest region for total ENABLE lending. More businesses have also been supported in the South East than any other region.
These figures form part of these programmes’ wider achievement of reaching £5bn in total lending across the UK, helping unlock finance for growing firms and housing developments alike.
The South East’s strong uptake of the programme has contributed significantly to the more than £3bn delivered to businesses outside London, reinforcing the region’s role in driving business investment and economic growth.
The ENABLE structured guarantee programmes – ENABLE Guarantees and ENABLE Build – are designed to encourage additional lending to smaller and medium-sized businesses.
Lenders receive a government-backed guarantee on defined portfolios of debt finance, incentivising them to provide more funding to viable smaller businesses.
Since the first transaction in 2017, the Bank’s structured guarantee programmes have supported both banks and non-bank financial institutions in increasing their lending to smaller businesses across the UK.
The ENABLE Guarantees programme is open to UK-based and foreign-owned banks, as well as specialist and asset-based lenders, that provide finance to viable small and medium-sized enterprises.
The ENABLE Build programme operates in a similar manner to ENABLE Guarantee but is focused on encouraging additional lending to smaller and medium-sized housebuilders in the UK.
Michael Strevens, managing director, structured financial institutions, British Business Bank said: “The fact that we have supported more businesses in the South East region than any other region through our structured guarantee programmes demonstrates the ambition and resilience of its smaller businesses.
“By delivering over £830m to 427 businesses, we have supported significant investment which will drive the region’s economy forward.”
