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Genesis Asset Finance accredited under the British Business Bank’s Enterprise Finance Guarantee

The British Business Bank today announces that Genesis Asset Finance has become an accredited lender under the Asset Finance variant of the Bank’s Enterprise Finance Guarantee programme.

Glossop-based, family owned and managed Genesis provide hire purchase and lease finance. Focussing on helping smaller businesses underserved by banks and traditional lenders, it has lent £10m of funding since 2000.

The Enterprise Finance Guarantee provides lenders 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’. It supports facilities of between £1,000 and £1.2m 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.

Jim McAuley, Director, Guarantee and Wholesale Solutions at British Business Bank said: “The British Business Bank is committed to helping smaller UK businesses access the finance they need to realise their potential. Accrediting Genesis under the Asset Finance variant of the Bank’s Enterprise Finance Guarantee will enable them to support more smaller businesses that are working successfully, but which might otherwise struggle to acquire business critical equipment or machinery that can boost their growth.”

Andrew Frost, Director, Genesis Asset Finance, said: “As a small lender we aim to go the extra mile to support the UK’s small businesses, including meeting every customer in person. Accreditation under the Enterprise Finance Guarantee programme enables us to extend our support even further, assisting more small businesses to access the finance they need.”

Since its launch in 2009, the Enterprise Finance Guarantee programme has supported smaller businesses with the provision of over 31,000 loans and other facilities totalling more than £3.3bn.

About Genesis Asset Finance

Genesis provides hire purchase and lease finance to businesses throughout England and Wales, focussing on helping small businesses underserved by banks and traditional lenders.

Family owned and managed, Genesis has been lending to businesses since 2000 and has provided over £10m of funding in that time.

ENDS 

For press enquiries, please contact:

British Business Bank

Scott Shearer

Senior Communications Manager

0203 772 1351 / 07770 704 761

Scott.Shearer@british-business-bank.co.uk

Suzanna Jebbitt

Communications Manager

07827 552 301

Suzanna.Jebbitt@british-business-bank.co.uk

Genesis Asset Finance

Andrew Frost

Director

0161 371 1160

andrew@genesisassetfinance.co.uk

About Genesis Asset Finance

Genesis provides hire purchase and lease finance to businesses throughout England and Wales, focussing on helping small businesses underserved by banks and traditional lenders.

Family owned and managed, Genesis has been lending to businesses since 2000 and has provided over £10m of funding in that time.

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 programmes are supporting more than £6.6bn of finance to over 89,000 smaller businesses (as at end of March 2019).

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 thebusinessfinanceguide.co.uk/bbb.
  • 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 Ltd, a wholly owned subsidiary of British Business Bank plc.

The accreditation under the Enterprise Finance Guarantee programme of Genesis Asset Finance 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.