Getting finance to small businesses
We are leading an innovative funding partnership to deliver responsible finance to small and microbusinesses unable to access mainstream finance. The programme matches £30m of Regional Growth Fund (RGF) money with £15m each from The Co-operative Bank and Unity Trust Bank. The programme is delivered on the ground by seventeen responsible finance providers spread across England who invest directly in small businesses in some of the most deprived and under-invested areas of the country.
Our programme is making a great impact by:
- Supporting thousands of regional jobs – Lending through our RGF programme has, to date, created 1,162 and secured 6,822 jobs across England.
- Delivering excellent value for money – The average cost per job to government is only £3,804. This compares to the national average for RGF projects of £37,400.
- Boosting the local economy – The £61m already invested in small businesses has generated at least an additional £322m for the economy
- Supporting the small businesses that others don’t – Since October 2012 we have helped 2,018 businesses.
- Reaching all English towns and cities – responsible finance providers are investing in businesses in all the English regions, using local knowledge and networks. The vast majority of jobs created and saved are outside of London and the South East.
- Creating long term impacts – Because our programme is based on lending rather than granting the money to businesses, the funds are recycled. This enables responsible finance providers to re-lend the money to other local businesses in future, creating long-term sustainable economic impacts.
Working in partnership with: