British Business Bank agrees £21.25m increase to ENABLE Funding facility with Tower Leasing to boost asset finance for smaller businesses
Press release
The British Business Bank has agreed a £21.25m increase of its existing ENABLE Funding facility with Bracknell-based Tower Leasing.
The original £25.5m facility was agreed in December 2017, which allowed Tower Leasing to provide additional asset finance to smaller businesses looking to acquire business critical assets to boost their growth.
This new facility size of £46.75m will allow Tower Leasing to support a strong origination pipeline built upon long-standing relationships with equipment vendors/resellers and customers, continuing to provide asset finance to UK smaller businesses.
Tower Leasing was established in 1989 and provides or arranges asset finance primarily for business-critical soft assets to smaller businesses in the UK, either by financing them using its own balance sheet or by brokering to traditional finance providers. Tower specialises in finance leases for the acquisition of business and office equipment, IT loans and business loans to UK smaller businesses.
Launched in 2014, the ENABLE Funding programme supports the British Business Bank’s key objective to drive sustainable growth and prosperity across the UK by supporting access to finance for smaller businesses. Providers of finance to smaller businesses often lack the scale required to access the capital markets – a key source of funding for lending institutions – in a cost-efficient manner.
The ENABLE Funding programme warehouses newly originated finance receivables from participating originators, bringing them together into a new structure. Once the structure has sufficient scale, it aims to refinance a portion of its funding on the capital markets, helping smaller finance providers to tap into institutional investors’ funds.
Our partnership with the British Business Bank through their ENABLE Funding programme has been instrumental in our commitment to providing accessible finance to SMEs across the UK. We are delighted with the approval of this increased facility as it reinforces this commitment, empowering us to expand our support to a wider number of businesses amidst a notably challenging economic landscape. Kerry Howells Managing Director at Tower Leasing
We’re very pleased to agree this facility increase with Tower Leasing. Our ENABLE Funding programme is designed to support smaller businesses to scale up and succeed by providing specialised lenders such as Tower Leasing efficient funding to on-lend. This transaction with Tower Leasing also strengthens our wider objective to increase both the amount and diversity of funding available to SMEs from a wide variety of finance providers Reinald de Monchy Managing Director, Guarantee and Wholesale Solutions, British Business Bank
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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 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 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 over £12.4 billion1 of finance to more than 90,000 smaller businesses2 .
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 Finance Hub 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 £80.4 billion in finance to 1.67 million 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. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at the British Business Bank.
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 Tower Leasing or its products or services.
About Tower Leasing
Established in 1989, Tower Leasing is a funder with brokerage facilities, specialising in asset finance and leasing solutions.
Partnering with businesses from a wide range of industries including telecoms, IT, print and vending, Tower aims to enhance equipment suppliers’ sales offerings by providing finance and leasing options to their B2B customers.
Tower supports the development of UK-based businesses directly, by enabling them to acquire much needed capital equipment through leasing, along with providing a wide range of alternative finance products designed to assist with cash flow and fund business growth.
With over 30 years of industry experience, Tower prides itself on offering a tailored approach to its partners and customers and have supported the growth plans of over 50,000 SMEs to date.
Tower Leasing Limited is authorised and regulated by the Financial Conduct Authority (Firm number: 667945).
For more information, please visit Tower Leasing website.
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