Aldermore accredited under the British Business Bank’s Enterprise Finance Guarentee Programme
The new offering will initially be offered through select introducers, before being rolled out across Aldermore’s broker network in the coming months.
Whilst Aldermore will only offer the asset finance element of the programme in the first instance, it has plans to join other variants of the scheme in the near future – helping it provide further funding to help SMEs thrive, build business confidence and stimulate growth within the market.
Since being established in 2009, Aldermore has consistently increased its support for UK SMEs. The EFG programme will provide Aldermore with a government-backed guarantee against eligible facilities, allowing it to broaden its reach to customers who are unable to secure funding due to insufficient security.
Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said: “We are delighted to be working with the British Business Bank as one of the early participants in EFG for asset finance. Through our partners, we are confident we’ll be able to support more businesses than ever before, building on our credentials as arguably the funder of choice for brokers looking to fund assets of all shapes and sizes.
“This is a great opportunity to help businesses unlock their potential by giving them access to the finance they need to support their growth ambitions. Small and medium-sized enterprises are the backbone of the UK economy and it is core to our mission at Aldermore that we do everything possible to help them succeed.”
Bernie Skivington, Director, Guarantee and Wholesale Solutions at British Business Bank said: “The British Business Bank is committed to helping UK smaller businesses who have the potential to succeed to access the finance they need to grow.
“The asset finance variant of our successful Enterprise Finance Guarantee (EFG) programme was launched in October last year. Aldermore Bank is the second accredited lender announced for the new variant, and we are delighted it will enable more of its smaller business customers to make critical investments in business assets through leasing or hire purchase.”
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Notes to Editors:
Aldermore Group PLC is a specialist bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homeowners, landlords and individuals.
Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK.
Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be.
Established in 2009, Aldermore has grown significantly. At the end of September 2017, lending to customers stood at £8.4 billion. In March 2018, Aldermore became part of FirstRand Group, one of South Africa’s largest financial services institutions.
For more information, please visit www.aldermore.co.uk.
Aldermore Bank PLC is an operating entity of Aldermore Group PLC.
Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.
About the British Business Bank
The British Business Bank is the UK’s national 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. Our 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 almost £4bn of finance to more than 65,000 smaller businesses and participating in a further £6.6bn of finance to mid-cap businesses (as at September 2017).
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, including asset finance, available to smaller businesses. It has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). This guide impartially sets out the range finance options available to businesses – from start-ups to SMEs and growing mid-sized companies. Take the interactive journey at www.thebusinessfinanceguide.co.uk or download/print a copy.
More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.
As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which 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.