The British Business Bank (BBB) will deliver a £25.5m funding facility to Tower Leasing to provide asset finance for SMEs.
The ENABLE Funding programme facility will allow the Bracknell-based lender to provide additional asset finance to small businesses that require critical assets to boost their growth.
Tower Leasing was founded in 1989 and focuses on finance leases for business and office equipment.
Kerry Howells, chief executive officer at Tower Leasing, said: “Tower Leasing is delighted to announce that it has secured a new funding facility via the British Business Bank PLC ENABLE programme.
“Lending to SMEs runs through Tower’s DNA and the ENABLE funding represents a significant milestone in Tower’s development.
“The facility supports our aspirations for continued growth and to broaden our offering, gaining further traction into the SME marketplace.”
This is the government-backed bank’s first transaction of 2018 under the ENABLE Funding programme.
Bernie Skivington, director of guarantee and wholesale solutions at the British Business Bank, added: “Our ENABLE Funding programme is an important part of our support to smaller asset finance providers like Tower Leasing as they scale up their lending to smaller businesses, helping them invest in the equipment they need to grow and succeed.
“This latest transaction is another great example of how we are increasing both the amount and diversity of funding available to these smaller finance providers.”
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