Interim Evaluation of the ENABLE Guarantee Programmes

The British Business Bank commissioned RSM UK Consulting to undertake an interim evaluation of the ENABLE Guarantee Programmes. The evaluation report reviews programme delivery, assesses the extent to which it has facilitated lending to SMEs that wouldn’t have happened otherwise and investigates the extent to which the programme has facilitated increased financial diversity for SMEs.

The evaluation found that the programme is well-managed and has adapted effectively to changing market conditions, including the COVID-19 crisis. The research suggests the programme contributes to market diversification, a key objective, with several delivery partners gaining market share in their segments.

Delivery partners reported that ENABLE Guarantee increased lending capacity and reduced the cost of lending for most delivery partners. The programme received ratings of “Good” or better across all elements of the National Audit Office’s three ‘E’s framework—Economy, Efficiency, and Effectiveness—based on stakeholder feedback, demonstrating good value for money and effective delivery of policy objectives, including improving access to finance for small businesses.