Specialist lender Compass accredited under the British Business Bank’s Enterprise Finance Guarantee programme
Compass Business Finance has become an accredited lender under the British Business Bank’s Enterprise Finance Guarantee (EFG) programme. EFG accreditation will enable Compass to increase its supply of asset finance to smaller businesses, primarily in the print, packaging and engineering sectors.
The EFG programme 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.
Bernie Skivington, 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 Compass under the EFG programme 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.
Mark Nelson, Director of Compass Business Finance, said: “When EFG extended to asset finance, we saw an opportunity to use the programme to increase our provision to businesses in the print, packaging and engineering sectors. Through the accreditation, we’re now able to further extend our range of competitive and flexible solutions to those industries.”
Since its launch in 2009, the Enterprise Finance Guarantee has supported smaller businesses with the provision of over 29,950 loans and other facilities totalling more than £3.2bn.
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Compass Business Finance
British Business Bank
About Compass Business Finance
Compass Business Finance is an independent company specialising in the provision of asset-based finance to the print, packaging and engineering sectors. Compass have seen year-on-year growth since they were established in 2005, by brothers, Mark and Jamie Nelson.
Working with a wide range of companies, Compass guide their clients through the financial decision-making landscape. They are committed to providing a consistent service and complete peace of mind, through ongoing business relationships.
Compass Business Finance is a member of the Finance and Leasing Association.
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 is currently supporting more than £5.5bn of finance to over 78,000 smaller businesses (as at end of June 2018).
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 www.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 Limited, a wholly-owned subsidiary of British Business Bank plc.
The accreditation of Compass Business Finance by British Business Bank does not amount to any endorsement or warranty from British Business Financial Services Ltd, British Business Bank PLC, or the government of the UK.