[2] The aim was to bring a number of government financial schemes, advice services and expertise together, creating a one stop shop for small and medium enterprises (SMEs) to go to.

On 2 December 2013 the Deputy Prime Minister, Nick Clegg, announced that the bank would be based in Sheffield, as well confirming an extra £250 million of government funding.

[15] In 2020 the NSSIF was involved in the British Government decision to invest £400 million for a 45% stake in OneWeb, a struggling low Earth orbit satellite communications business.

In February 2022, the bank launched its Sustainability Hub which aimed to alert smaller businesses to the commercial benefits of investing in decarbonisation.

[19] The Hub's resources include articles on topics such as creating action plans, sustainable logistics, and how to a build a green supply chain.