Nearly 200,000 jobs in 19,000 South West businesses have been supported by investments made through the British Business Bank over the past10 years, according to a new report.
Some 16,000 more jobs are expected to be created as the firms it has backed over the past decade continue to expand, generating an additional £7bn of economic activity. 
The figures emerge from the bank’s report The Power of 10, which measures its economic impact since its launch in 2014.
Since then it has backed 19,000 businesses in the South West, supporting 193,000 jobs. It now expects these firms to create 16,000 new jobs and generate £7bn of additional business turnover.
The result, it predicts, will be £3bn of additional economic activity (Gross Value Added or GVA) generated in the region, which it says will cement its role as a critical driver of growth and employment in the UK since its inception.
The bank, the government’s economic development funder, has a mission is to drive sustainable growth and prosperity across the UK and enable the transition to a net zero economy by improving access to finance for smaller businesses.
In the South West its £200m regional investment fund, which offers finance to businesses across the region from £25,000 loans to £5m equity, recently completed its 100th deal.
Meanwhile, its Start Up Loans programme, which has helped more than 10,000 fledgling firms across the region, hit the £100m lending milestone.
Among the recent Bristol firms supported by the South West Investment Fund is automated wire harness manufacturer Q5D Technologies, which received £2m last autumn.
The Portishead-based firm is using the £2m investment to continue to revolutionise the manufacturing industry by scaling its innovative five-axis platform, which automates the complex process of adding wiring and electronics to 3D surfaces, pictured.
The technology offers a faster, more efficient and cost-effective alternative to traditional manual processes.
Other Bristol firms backed by the fund include Kelpi, the biotech company developing innovative bioplastic food packaging from seaweed, and global wireless solutions provider Blu Wireless.
Nationally, the British Business Bank has delivered more than £32bn in combined public and private sector funding over the past decade, supporting 209,000 smaller businesses which are expected to create 250,000 additional jobs and sustaining almost 2.3m existing positions.
Smaller businesses supported by the Bank are projected to generate £97bn in additional turnover and, through their growth, boost UK economic output by an estimated £43bn over the lifetime of their finance, contributing significantly to long-term economic value and innovation.
The bank’s activities have also achieved a 4.2% annual combined commercial, mandated and service arm adjusted rate of return, demonstrating that economic impact and financial returns can be delivered simultaneously.
British Business Bank CEO Louis Taylor, pictured above, said: “The Power of 10: 10 Year Impact Report highlights the transformative role the British Business bank has played in driving economic growth and shaping the financial landscape for smaller businesses across the UK.”
