The British Business Bank PLC has reaffirmed it’s commitment to Sheffield by taking floorspace in the newly-redeveloped Steel City House in Sheffield city centre at the end of October.
The Bank will occupy the top two floors of the newly-redeveloped premises, off West Street, which will provide a near-doubling of its current office space.
The move comes following rapid expansion of the bank’s Sheffield operations since it became an independent plc in November 2014. Keith Morgan, British Business Bank CEO said: “Our move to Steel City House reaffirms our commitment to Sheffield and the region more generally.
“The growth of the British Business Bank has created high-quality finance jobs in the city as we continue to meet our objectives of providing increased volumes and choice of finance for smaller businesses.
“Colleagues across the Bank are excited to be moving to this unique building, which speaks to both the history and the future of the Sheffield region”.
Margot James, the Small Business Minister, said: “Building an economy that works for all is an important part of our Industrial Strategy, which is creating the conditions for businesses of all types to start up and grow.
“The British Business Bank’s expansion in Sheffield will continue to grow the Northern Powerhouse, creating jobs and helping small businesses in the region get the access to finance they need to succeed.”
Earlier in the year the UK Government committed £400m to the Northern Powerhouse Investment Fund through the the British Business Bank to provide capital to fund managers offering Microfinance (£25,000 – £100,000), Business Finance (£100,000 – £750,000) and Equity Finance (up to £2m).
One of the first committed deals was an Enterprise Ventures Debt Finance loan of £100,000 to Sheffield based Blake UK, a TV/AV reception and distribution products manufacturer/importer and supplier. The funding will allow the company to diversify its product range into new lines such as CCTV equipment and increase stock levels required for new product ranges.