The British Business Bank has agreed a finance facility with Simply Asset Finance to provide over £60m of funding to UK SMEs.
The transaction – the sixth made under the ENABLE Funding programme – will allow the non-bank lender to provide finance for hire purchases, finance leases and refinancing.
Simply Asset Finance is led by CEO Mike Randall (pictured above, second from left) and backed by Cabot Square Capital.
Since launching in April 2017, the lender has arranged more than £35m of financing across a number of sectors, including manufacturing, construction, transport and recycling.
Mike said: “The funding from the British Business Bank will allow us to further support those businesses that are looking to invest in the future, and consequently drive the country's growth.
“We've long recognised the need to provide customers with a better, simpler, transparent and more agile financial experience.
“Many of our clients just do not want to deal with large corporate lenders and banks.
“We are delighted to agree this facility and look forward to working with the bank long term.”
Keith Morgan, CEO of the British Business Bank, added: “Our ENABLE Funding programme helps support smaller finance providers like Simply Asset Finance, who share our goal of increasing the supply of finance to small- and medium-sized businesses.
“The bank is committed to increasing the volume of funding available to smaller businesses.
“We're also committed to increasing the diversity of finance provision, allowing exciting and innovative non-bank entrants like Simply Asset Finance to help provide even more funding options to smaller businesses around the UK.”
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