British Business Bank agrees ENABLE Guarantee transaction of up to £300m with Close Brothers
Press release
The British Business Bank has agreed a transaction of up to £300m with Close Brothers under the ENABLE Guarantees programme, unlocking significant additional lending capacity.
The transaction will support a portfolio within Close Brothers Asset Finance, covering hire purchase, sale and hire purchase back and leasing facilities.
Asset finance plays an important role for UK smaller businesses, with the market reaching a record £23.5bn in 2024.
Asset finance allows smaller businesses to finance business critical, capital assets, enabling them to invest in their businesses to grow.
It supports businesses in switching to more sustainable practices by funding green assets.
The Finance & Leasing Association estimates that asset finance accounted for one-third of all UK investment in vehicles, machinery, and equipment in 2024.
The ENABLE Guarantees programme is designed to encourage additional lending to smaller businesses.
Participating institutions are incentivised by a government-backed guarantee which supports defined portfolios of debt finance in return for a fee.
The programme is open to all UK banks, UK branches of foreign banks, asset finance providers and asset-based finance providers, as well as certain other categories of lenders which lend, or intend to lend, to viable small and medium-sized businesses operating in the UK.
Michael Strevens, Managing Director, Structured Financial Institutions, British Business Bank said:
Close Brothers is a trusted and long-standing finance provider to thousands of UK smaller businesses. This transaction reflects both institutions’ commitment to ensuring small businesses continue to access the finance they need — especially in tougher times.
We’re pleased to support this deal that helps Close Brothers to provide even greater support to smaller businesses across the UK.
Matt Roper, CEO, Close Brothers Commercial, added:
We are a proud supporter of the UK’s SME community and are delighted to be participating in the ENABLE Guarantees programme, in partnership with the British Business Bank.
Close Brothers Commercial – which our asset finance business is a key part of – provides almost £5bn of lending to business owners, with loan sizes ranging from £5k to £100m; the ENABLE programme will allow us to support a larger number of firms as they look to invest in their future.
Close Brothers is also an accredited delivery partner for several other British Business Bank programmes. These include the Growth Guarantee Scheme and legacy schemes such as the Recovery Loan Scheme (RLS), the Coronavirus Business Interruption Loan Scheme (CBILS), the Bounce Back Loan Scheme (BBLS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Media Contacts
Freddie Cocker, Corporate Communications Manager, [email protected] / 07741 674 000
Scott Shearer, British Business Bank, [email protected].
Notes to editors
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. 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’s core programmes support £23bn of finance to almost 64,000 smaller businesses.
As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank's Business Guidance library provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Close Brothers Limited or its products or services.
Close Brothers
Close Brothers is a leading UK merchant banking group providing lending, deposit taking and securities trading. We employ approximately 3,000 people, principally in the United Kingdom and Ireland. Close Brothers Group plc is listed on the London Stock Exchange.
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