British Business Bank support is expected to help create of 1,100 jobs at smaller businesses across Northern Ireland as it backed a further 600 local firms in 2024/25, according to its second annual Impact Report.
Bank research shows this support is expected to lead to £300m of additional business turnover, equivalent to an expected boost in economic output of more than £100m over the lifetime of the finance. It has also supported 5,300 jobs across multiple sectors in Northern Ireland.
One of the key drivers of this impact is the Bank’s £70m Investment Fund for Northern Ireland, which last month marked an impressive milestone of £30m of finance deployed to 35 smaller businesses.
Since launch in November 2023, the fund has supported 35 businesses from multiple sectors with investments totalling around £18m. These investments have been the catalyst for the crowding in of an additional £12m in private sector funding.
The Impact Report comes as the Bank gears up to deliver a step change in financing support to smaller businesses after its financial capacity was increased to £25.6bn in June’s Spending Review, enabling it to increase annual investments to around £2.5bn a year and to crowd in more third-party capital.
The report underlines the Bank’s continued commitment to Northern Ireland and wider Nations and regions.84% of the businesses supported by the Bank in 2024/25 were based outside of London – helping to deliver more than a £100m boost to economic output in each and every UK Nation and region.
Susan Nightingale, the Bank’s UK Network Director for the Devolved Nations said: “The Bank has a 10-year track record of delivering impact in Northern Ireland therefore it is very pleasing to see that our support to 600 smaller businesses in 2024/25 is expected to create 1,100 local jobs.
“We recognise it can be challenging for some firms to secure the support they need to start up and scale up, therefore through improving access to finance for smaller businesses we drive growth and prosperity in Northern Ireland and across the UK.”