Our first management report and annual accounts also contain detailed information on our governance and risk frameworks, as well as reports on our recent achievements as part of our objectives. With regard to COVID-19, the UKGI team supported The Royal Mint in its options to keep the business open and provide taxes for available state support packages. We are pleased to see that The Royal Mint has used its technical expertise to manufacture and manufacture medical visors to protect front-line caregivers in the NHS. It is not a bank in the traditional sense. It does not directly finance businesses, but provides private sector partners with funds and guarantees to finance more small businesses (either through borrowing or equity). It leverages economic knowledge to design programs, address small business market failures across the economy, and educate small businesses about financing opportunities. Small businesses do not receive businesses directly funded by the British Business Bank. Instead, it provides funds and guarantees from commercial lenders and investors who use these financial resources, with their own money, to lend to or invest in smaller British companies. The British Business Bank operates through the financial markets, from start-up capital financing assistance to the provision of growth capital, to priority debt securities for established SMEs.
This support covers uk small businesses in three main areas: UKGI manages a portfolio of companies (including UKFI-managed financial institutions) in which the government participates and works with more than 10 different government departments and management teams to help these companies optimize their performance in the most commercial way possible. British Business Bank is a public financial institution. It stimulates economic growth by improving the functioning of financial markets for small businesses in the UK, allowing these businesses to prosper and grow. Its aim is to make the uk`s small business financial markets work better at all stages of their development: creation, scale and anticipation. The main objectives that the British Business Bank intends to achieve are the main objectives: in 2020, the UK government has taken over the role of shareholder of Defence Equipment – Support (DE-S) on behalf of the Ministry of Defence. The organization is responsible for the secure purchase and support of a wide range of equipment for the British armed forces and proceeds with the dismantling and disposal when the equipment reaches the end of its life. The company works at more than 150 sites worldwide and is working on a budget of $178 billion over the next ten years. The British Business Bank is a public economic development bank that enables financial markets to work more efficiently for small businesses and enables these businesses to prosper, grow and develop the UK`s economic activity. The Bank manages the UK government`s access to small business financing programs within a single commercial institution. We fulfill our mission in the first place by serving on the Board of Directors and some of its commissions. Last year, we worked with HMT and The Royal Mint to better align the governance structure with the government`s mint objectives and to develop the medium-term strategy of remaining profitable despite the long-term decline in cash use. UKGI played an important role in the creation of the British Business Bank.
Projects included advice to ministers on the explanatory statement and options for the creation of a single business development bank, which would seek to improve the functioning of financial markets for small and medium-sized enterprises (SMEs).