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National Audit Office report: Confirmed impacts: Improving access to finance for SMEs

Confirmed impacts: Improving access to finance for SMEs

This impacts case study shows how our range of recommendations contributed substantially to the way the British Business Bank was established and works to ensure schemes do improve SMEs' access to finance. It is one example of financial or non-financial benefits realised in 2014 as a result of our involvement, all of which are set out in our interactive PDF.

Impacts case study

Our work on improving access to finance for small and medium-sized enterprises (SMEs) achieved a number of impacts. We recommended SMEs should be better informed about the financing options open to them. We also recommended that the Department for Business, Innovation & Skills should articulate more clearly what it expects to achieve through its programme of schemes, and how the schemes will contribute to the overall goal of improving SMEs’ access to finance.

What are impacts?

As a result, at its launch, the British Business Bank agreed with HM Treasury a formal financial return target for its activities, to be achieved by 2019. It also undertook to publish scheme-by-scheme Key Performance Indicators by summer 2015. In November 2014, the Secretary of State for Business, Innovation and Skills stated that the Public Accounts Committee report on improving access to finance for SMEs had been ‘an extremely useful contribution to our thinking’ in developing the British Business Bank. The British Business Bank also worked with finance bodies on a free Finance Guide, distributed by the high street banks and other finance providers, setting out funding options for SMEs.

 

Publication details:

Published date: October 15, 2015