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<p><strong> </strong></p><p> </p><p>The objective of the British Business Bank is
to ensure that finance markets work more effectively for smaller businesses. In achieving
this objective, the Business Bank does not lend to or invest directly in any smaller
business and instead works through and invests alongside private sector providers
such as banks, peer to peer lenders, leasing companies or venture capital funds which
offer a wide range of finance products.</p><p> </p><p> </p><p> </p><p>As part of its
remit, the Business Bank regularly monitors the performance of programmes by collecting
a range of data, including the ethnic background of business owners, for a number
of key programmes, such as Start Up Loans. The latest data shows that as of August
31, 26% of Start Up Loans recipients identified themselves to be either Black, Asian
or Minority Ethnic (BAME) businesses. Around 300,000 (6%) of small and medium-sized
enterprises in the UK are BAME led.</p><p> </p><p> </p><p> </p><p>In addition, Business
Bank officials and I regularly meet with key stakeholders to discuss and better understand
the broader finance needs of different types of smaller businesses, in order to ensure
that Business Bank programmes are targeted to address market failures.</p><p> </p><p>
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