Press Release: State aid: Commission approves creation of British Business Bank

The European Commission concluded on the 15 October 2014 that UK plans for setting up the British Business Bank (BBB), an integrated entity for managing SME access to finance programmes in the UK, were in line with EU state aid rules. In particular, the Commission considered that the BBB concept addresses market failures that hamper SME access to finance in an appropriate and proportionate way, without unduly distorting competition in the Single Market.