British Business Bank doubles Simply Asset Finance’s facility to enable increased finance to smaller businesses
• Second tranche of financing will enable an additional £60m of lending, with total facility expected to provide over £120m of funding to UK businesses
The British Business Bank today announces the agreement of a second tranche of an asset finance facility for Simply Asset Finance under its ENABLE Funding programme.
This will enable the asset finance provider to expand its lending to smaller businesses across the UK. Together, the two rounds of financing are expected to provide more than £120m of funding.
Established 15 months ago, Simply Asset Finance provides asset finance to customers from a variety of sectors – including manufacturing, construction, transport and recycling.
Keith Morgan, CEO of the British Business Bank, said: “As the UK government’s economic development bank, the British Business Bank increases both the supply and diversity of finance available to growing businesses. Our 2018 Small Business Finance Markets report highlighted the increasing importance of asset finance to smaller businesses, with the value of such finance increasing by 12% from 2016 to 2017. This additional funding through Simply Asset Finance will enable more businesses to source the new or replacement equipment they need to expand and fulfil their growth potential.”
Mike Randall, CEO of Simply Asset Finance, said: “This second – and very significant – tranche of investment from the British Business Bank comes at an exciting time for us. The market opportunity is considerable and we’re growing rapidly – yet steadily – to be able to take advantage of that.”
The first £60m tranche of financing to Simply Asset Finance by the Bank was announced in January 2018.
The British Business Bank is committed to helping create a more diverse finance market so smaller businesses benefit from better choices and better terms that increased competition can offer, including through supporting new and recently-established market entrants.
Suzanna Jebbitt, British Business Bank, firstname.lastname@example.org
Scott Shearer, British Business Bank, Scott.Shearer@british-business-bank.co.uk