British Business Bank (BBB) said it increased its financial support to businesses across the UK by 21% so far this year, and has supported over 98,000 businesses with £8bn of finance.
The increase is a direct result of the coronavirus pandemic, which led a quarter of UK businesses into temporary closure.
The bank is currently responsible for Covid-19 loan schemes covering 1.2 million companies with over £52bn of debt, in part covered by government guarantees.
Catherine Lewis La Torre, CEO of BBB, said: “The Bank and our role within the UK economy has been thrown into sharp relief as we continue to work as a trusted partner of government.”
She added: “The results reported in this set of accounts, which include our support for £8bn of finance to 98,000 businesses, demonstrate that we continue to deliver value for money to the taxpayer.”