British Business Bank

British Business Bank announces merger

The British Business Bank has announced a merger with government-backed lender the Start Up Loans Company.

Both organisations will now collaborate to support microbusinesses and deliver the government’s manifesto pledge to provide 75,000 start-up loans by 2020.

The merger follows news that the Start Up Loans Company had surpassed £300m of lending to businesses since launching in 2012.

Keith Morgan, CEO of British Business Bank, said: “The bank has been working closely with the Start Up Loans Company for several years and this merger will bring the two organisations – which already have a shared sense of purpose and complementary skills – closer together.

“This is a natural next step, an exciting moment for everyone involved, and means we can deliver a better service for smaller businesses.”

The British Business Bank has provided advice to the government on the Start Up Loans programme’s funding, objectives and performance – as well as overseeing the programme on its behalf – since 2014.

The merger will allow both organisations to share their expertise, improve clarity for the small business community and combine their approaches for providing support.

A transition period will now be in place while operations are brought together, with completion expected by 1st July.

Both organisations will stay in their current offices and retain all existing branding with no changes to frontline services.

Tim Sawyer, CEO of Start Up Loans, added: “This merger recognises how successful our partnership with the bank has been and helps us improve our support for businesses who struggle to access other forms of finance.

“Providing more than 46,400 loans to businesses across the UK is a testament to the drive and ambition of people throughout the country.”

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