2024-2025年英国小型企业融资市场研究报告

Contents CEO foreword3Executive summary7Introduction10Aggregate flow and stockof smaller business finance12Macroeconomic developments15Part A: The importance ofbusiness investment andthe role of access to finance241.1Business investment25 Alternative lending and debt products134 CEO foreword Since the British Business Bank’s inception, animportant part of its remit has been to analyseand understand the functioning of the UK’ssmaller business finance markets, examiningboth smaller business demand and financeproviders’ supply. This has always been essentialin informing and shaping work between policymakers and market participants, and in thedesign of our programmes which addressthose markets’ needs. Now in its eleventh year, our flagshipannual Small Business Finance Marketsreport is a key part of our output, providingan in-depth analysis of the markets forsmaller business finance in the UK andacting as a trusted source of informationabout how they operate and deliver forsmaller businesses. ways – including through better productivity, increasedefficiency, greater innovation or simply having greaterproduction capability for their products and services. These investments can include, anything from upgradingor buying new vehicles and equipment, to innovating andinvesting in new technologies, intellectual property,software, research and development or new premises. When businesses benefit, the wider economy benefitstoo through job creation, increased GDP and higherliving standards. Investing in the right areas of theeconomy can also help achieve other important policygoals, such as meeting the country’s net zero ambitionsthrough both adoption and development of new andmore efficient technologies, and supporting the keysectors identified in ‘Invest 2035’ the UK’s modernindustrial strategy. The case for business investment This year, as well as reporting on market trends overthe last year, we examine in greater depth the role ofaccess to finance in supporting business investment. If we are to achieve the growth we all want in the UKeconomy, it is important that we continue to makethe case for business investment which can helpdrive economic growth, lift wages and improve livingstandards. By investing, businesses can profit in many A failure to invest, more than anything, simplyrepresents a missed opportunity for the businessesand the UK economy. lending, their highest ever. The British Business Bankhas played a key role in catalysing the developmentand success of the market for challenger banks, as wellas crowdfunding, debt funds and asset finance amongstothers, helping to achieve a diverse range of lenders tosmaller businesses that didn’t exist before. Similarly, imbalances are found in provision tounderrepresented groups, with ethnic minority andfemale-led businesses in particular finding difficulties inaccessing the finance they need to meet their ambitions.A crucial part of the market to address these imbalancesis the Community Development Finance sector, and aswell as supporting this through our Start Up Loansprogramme, we have recently introduced a newCommunity ENABLE Funding programme, which hasthe potential to be a game-changer for the provisionof such finance. A mixed market picture, but with someencouraging signs Although the global environment and some domesticuncertainty meant some businesses were less willingto invest with confidence in 2024, our market analysisshows some encouraging signs are beginning to emerge. Unlocking potential The overall flow of bank lending increased last year,albeit with indicators that much of the increase hasbeen to support working capital and cashflow ratherthan investment for growth. It is positive, however, tosee asset finance growing for the fourth year in a row. Across the UK’s Nations and regions, entrepreneurialismand high growth potential businesses have historicallybeen more widespread than access to the finance thatcan enable them to thrive. However, half of the UK’sNations and regions are seeing investment growth. Growing our support for business investment Equity investment in 2024 is similar to 2019 and 2020levels. Growth and seed stage equity finance reboundedin the first half of the year, but Q3 was challenging forall stages. Since its formation 10 years ago, the British BusinessBank has continually increased its support across themarket, supporting greater access to both debt andequity finance for smaller businesses. Although our analysis this year shows that geographicalimbalances remain, especially in equity markets focusedon high growth, the British Business Bank is playing a keyrole in tackling these, with 84% of the businesses it hassupported being located outside London, well in excessof the 66% of the wider UK small business population.Our new generation of Nations and Regions InvestmentFunds are a key contributor to helping us address thismarket weakness, with an additional £1.6 billion offunding available. The diversity of fi