Non-bank lender Simply has received a third facility of £60m from the British Business Bank under the latter’s ENABLE funding programme.
The three rounds of financing are expected to provide more than £180m of funding to smaller businesses.
This is said to be the largest total facility under the ENABLE funding programme, which aims to improve the supply of asset and lease finance to smaller UK businesses.
Mike Randall, CEO at Simply (pictured above), said: “We believe we are building something different, something that challenges the current industry status quo.
“Simply wants to lend money to entrepreneurs, family businesses and small- and medium-sized enterprises across the country to let them grow and prosper.
“With every transaction, we enable them to employ staff, serve their customers and pump oxygen into the foundations of the SME economy.
“And thanks to this third tranche from the British Business Bank, we are able to provide more of our customers with the tailored solutions and long-term partnerships that will see them through the whole economic cycle.”
Reinald de Monchy, managing director, guarantee and wholesale at the British Business Bank, added: “Since our relationship began in 2017, it is encouraging to see that Simply has continued to increase the amount of leasing and asset finance available to businesses to help them purchase equipment, free up working capital and invest in growth.
“The bank remains committed to increasing the diversity of finance provision, allowing non-bank entrants like Simply to help provide even more funding options to smaller businesses around the UK.”
Richard McDougall, partner at Cabot Square Capital, said: “It is great that the British Business Bank is extending its support to Simply for the third time, alongside Cabot.
“Mike and his team provide an invaluable service to businesses across the country — Simply lends Cabot’s institutional capital and funds from the British Business Bank into the real economy in a modern way, with total focus on customer experience and outcomes.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...
Metro Bank CEO to step down
Metro Bank has announced that Craig Donaldson (pictured above) — the bank’s CEO since 2009 — will step down at the end of the year...
Zopa Group announces £140m fundraise
Zopa has announced that it has raised £140m by signing its largest funding round to date...
PCF Bank targets £750m lending portfolio by September 2022
PCF Bank has revealed that it is aiming to achieve a £750m lending portfolio by September 2022...
Bank Leumi UK appoints Stephen Welch as senior relationship manager
Bank Leumi UK has announced the appointment of Stephen Welch (pictured above) to the hotel finance team as the new senior relationship manager...
Cambridge & Counties appoints relationship manager
Cambridge & Counties Bank has named Andrew Arnold as a relationship manager in its Cardiff-based property finance team...
Aldermore expands regional specialist finance team
Aldermore has strengthened its regional specialist finance presence with the appointments of Justin Nel (pictured above), as regional sales manager for the South East, and Jordan Bond, as regional sales manager for the South West...
An interview with Anand Subbaraman: Big tech companies edging into financial services will ‘take a chunk’ of the banking industry
In an interview with Specialist Banking, Anand Subbaraman, general manager of digital and retail banking products at Finastra (pictured above), discusses regulators’ attitude to cloud banking, and the prospect of challenger banks holding monopolistic power in the sector...
Recognise Financial Services makes two senior hires to executive team
Recognise Financial Services has appointed David Jenkins, as chief financial officer (pictured above), and Patrick Ferguson, as chief risk officer, to its executive team...
TSB sets out new growth strategy and puts focus on customers and competitiveness
TSB has unveiled a new growth strategy as it aims to focus on better serving customers and improving competitiveness...
nCino aims to partner with an additional ‘dozen’ European banks by end of January
nCino has revealed plans to partner with around a “dozen” European banks by the end of January as it puts a “concentrated focus” on larger banking markets in the continent...