This Impact report shows that Responsible Finance Fund is a critical part of the finance ecosystem and has exceeded performance targets for businesses and jobs supported. This government-backed ‘co-investment fund for economic growth’ has smashed targets to support businesses, create and safeguard jobs, adding £354m of economic value to local economies across England.

The RF Fund, a place-based investment fund to address inequalities in access to finance, was tasked with lending £70.4m to small businesses by The Department for Business, Energy and Industrial Strategy (BEIS), and creating or safeguarding 8,746 jobs.

It has lent £89m, created and saved 11,771 jobs, and become a critical part of the finance ecosystem in its eight years of operation, according to a Regional Growth Fund Impact Report published today by Responsible Finance which draws from an evaluation of the Fund for BEIS.

The fund, which unlocks lending to viable but unbankable businesses, mainly in the most deprived parts of the UK, has cost the Government just £2,549 per job supported, less than a tenth of the average expected cost per job of the Regional Growth Fund.