The British Business Bank has surpassed a significant milestone in its support for small and medium-sized enterprises (SMEs), delivering more than £5 billion in lending through its ENABLE Guarantee and ENABLE Build programmes since their inception in 2017.
The schemes, designed to unlock lending to SMEs by offering government-backed guarantees on debt portfolios, have supported businesses across a range of sectors — with a particular focus on construction and housing. Over £3 billion of that total has been allocated to businesses outside of London and the South East, including nearly £500 million each to the North West, East Midlands, and East of England.
Chancellor Rachel Reeves hailed the achievement as a key indicator of her government’s economic growth strategy. “This £5 billion lending milestone is our Plan for Change in action,” she said. “It’s helping to deliver targeted investment where it’s needed most — supporting local businesses, accelerating housebuilding, and putting more money in people’s pockets.”
ENABLE Build, the construction-specific element of the programme, has alone driven £1.2 billion in lending to SME housebuilders and contributed to the development of 5,866 new homes.
Michael Strevens, Managing Director of Structured Financial Institutions at the British Business Bank, credited the success to strong collaboration with lenders. “It’s incredibly rewarding to reflect on the volume of SME lending and the number of homes built that we’ve helped enable,” he said. “Looking ahead, we’re focused on being more proactive — working closely with lenders to understand their challenges and tailor solutions. That’s how we’ll unlock the next £5bn.”
Private sector lenders also praised the scheme’s impact. United Trust Bank (UTB), the first to pilot ENABLE Build, has now delivered over £1 billion in guaranteed lending, helping fund nearly 4,700 new homes. Adam Bovingdon, Head of Property Development at UTB, called it “an excellent example of successful state and private sector cooperation.”
Ravi Anand, Managing Director of alternative lender ThinCats, said the programme had been “a huge contributor” to the £1 billion it provided in post-COVID funding to UK mid-sized businesses. “The scheme does what it says on the tin — enabling senior bank appetite to allow ThinCats to fund the growth initiatives of UK SMEs.”
The Federation of Master Builders also welcomed ENABLE’s role in housing market diversification. “Financing is one of the top issues holding back small developers,” said Chief Executive Brian Berry. “ENABLE Build helps address this and supports the government’s ambition to build 1.5 million new homes.”
With SMEs considered central to the UK’s long-term economic resilience, the British Business Bank has pledged to expand the ENABLE programme, aiming to reach the next £5 billion milestone “with greater pace and purpose.”
