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by British Business Bank category: Other
The British Business Bank turned three years old on 3 November. We have achieved a lot since we became a plc and one measure of this achievement is the success of the small businesses we support. We are therefore making our third birthday with a social media campaign to highlight the contribution that smaller businesses make to the UK economy and society – we are shining a light on what we call the nation's Small Wonders.
The Department for Business, Energy & Industrial Strategy’s latest business population estimates report that small businesses contribute £1.36 trillion to UK private sector turnover (total private sector turnover was £3.7 trillion at the start of 2017). In other words, more than one third of total private sector turnover comes from businesses with fewer than 50 employees.
We published research (16 November) that shows that the general public greatly underestimates the contribution of small businesses to the UK economy, with only 2% of respondents realising that small businesses make up 99% of total UK businesses.
In light of the discrepancy between the statistics and the public perception of small businesses, our #SmallBizWonders campaign aims to:
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British Business Bank
The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.