British Business Bank announces Haydock Finance as a new accredited partner for the Enterprise Finance Guarantee Asset Finance variant
The British Business Bank today announces that it has accredited Blackburn-based Haydock Finance Ltd for the Asset Finance variant of the Bank’s Enterprise Finance Guarantee (EFG) programme. This will enable Haydock Finance to increase its supply of asset finance to smaller businesses that are working successfully but struggling to obtain the finance they need for future growth.
This accreditation follows the provision of a £25m block discounting facility from British Business Investments, a commercial arm of the Bank, to Haydock Finance in 2016. This facility helped grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.
Jim McAuley, Director, Guarantee & Wholesale Solutions, British Business Bank, said:“At the British Business Bank, we want smaller businesses across the UK to be able to access the finance they need to grow and succeed.”
“We are delighted to announce that Haydock Finance has been accredited as the latest partner under this variant of the programme, enabling the provision of additional asset finance, a vital funding option for smaller businesses looking to grow, expand, and create jobs. Having access to EFG to support critical investment in business assets provides a significant opportunity for many more viable smaller businesses to realise their ambitions.”
Steve Worrall, Managing Director, Haydock Finance said:“As an independent company established in 1980, receiving accreditation for the EFG will enable Haydock to increase funding to viable businesses nationwide.
“We value the Bank’s flexible approach and having access to EFG will complement our business model and aspirations. It will provide Haydock with a strong platform to help our Blackburn-based team of 50 to achieve our strategic plans and objectives to continue to grow our gross receivables above the current level of £200million.”
The Enterprise Finance Guarantee programme facilitates business finance to smaller businesses that are viable but unable to obtain finance from their lender due to having inadequate security to meet the lender’s normal credit requirements.
EFG provides the lender with a government-backed guarantee for up to 75% of the outstanding balance of eligible facilities, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. Since its launch in 2009, the Enterprise Finance Guarantee has supported smaller businesses with the provision of over 29,950 loans and other facilities totalling more than £3.2bn.
Asset finance is an increasingly important option for smaller businesses looking to grow and invest. Latest figures from the Finance and Leasing Association (FLA) show new asset finance volumes to smaller businesses were £10.9bn in the year to July, increasing by more than 2% on the same period in 2017.
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Notes to editors
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting more than £5.5bn of finance to over 78,000 smaller businesses (as at end of June 2018).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
• The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk.
• The new British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The Enterprise Finance Guarantee is administered by British Business Financial Services Limited, a wholly owned subsidiary of British Business Bank plc.
The accreditation of Haydock Finance Ltd by British Business Bank does not amount to any endorsement or warranty from British Business Financial Services Ltd, the British Business Bank plc, or the government of the UK.
About Haydock Finance Ltd
Established in 1980, Haydock Finance Ltd is a specialist asset finance company reporting a tangible net worth in excess of £20million.
Haydock provides credit facilities to business users for the finance of standard saleable assets, with opportunities introduced to their office in Blackburn through a selected panel of approved finance brokers.
With gross receivables in excess of £200million, Haydock offers finance for new hire purchase, leasing and refinance proposals for business assets including buses, coaches, industrial plant & machinery, trucks, trailers, commercial vehicles, cranes, forestry / agricultural equipment, machine tools and renewables.
Haydock is regulated by the Financial Conduct Authority (FCA), a patron member of the National Association of Commercial Finance Brokers (NACFB) and a member of the Finance & Leasing Association (FLA).