Earlier this month, the British Business Bank (BBB) announced that it has partnered with Small Business Advice Week, to celebrate SME ambition and encourage these businesses to unlock their full potential. The BBB is supporting around £5.2bn of finance to nearly 75,000 SMEs, with a mission to make finance markets work more effectively for SMEs, enabling them to grow and shape economic activity. Small Business Advice Week, in its fifteenth year, aims to deliver support and advice to empower UK SMEs to drive the economy forward. This event and others like it fuels the momentum that stemmed from the £5.9bn that was invested in UK SMEs in 2017 and made last year a record year for growth.
Looking back
Headlines are often dominated by global players and focus on their role in driving economic development, but what often escapes the headlines are the SMEs that form the foundation of the UK economy. During the past decade, SMEs have come a long way in establishing their position in the market. However, they can be held back by a lack of understanding when it comes to their finance options, which has been identified as one of the key areas of confusion and frustration for SMEs.
Looking ahead
This partnership has been forged to help educate and inform SMEs on how to navigate complex financial landscapes and help them obtain the right finance to fulfil their growth ambitions. Expert insights allow the BBB to offer independent advice on a range of finance solutions best suited to support these SMEs. We anticipate that this momentum will help drive UK SME productivity, performance and growth. This in turn, will inspire confidence in the longer-term outlook for SMEs.
How we can help
There is a wide variety of finance and support out there, but the challenge is knowing where to find it. Hampshire Trust Bank (HTB) is dedicated to helping SMEs access funds to suit their finance requirements by providing practical support, market intelligence and flexible financial solutions. Last year, we funded the construction of more than 700 homes, working with SME housebuilders across the UK. We also funded and provided savings accounts for more than 4,500 firms as well as 4,500 individuals, financing everything from vans and agricultural equipment, through to specialist mortgages and property development. This demonstrates our ongoing commitment to helping fund SME growth.
Find out more about our Development Finance division.
David Alcock
Managing Director of Development Finance