British Business Investments (BBI) has provided a new £15m tier two capital facility to PCF Bank.
The specialist bank launched its banking services in 2017 and has helped over 18,000 customers with the purchase of assets for their businesses.
BBI — a commercial subsidiary of the British Business Bank (BBB) — issued the facility through its investment programme, which is designed to increase the supply and diversity of finance for smaller businesses.
PCF Bank will now be able to draw on additional capital, with the investment potentially supporting up to an additional £125m of asset-based lending to UK SMEs.
“This commitment to PCF Bank supports BBI’s objective to increase the diversity of supply of business finance,” said Catherine Lewis La Torre, CEO at BBI (pictured above).
“Banks like PCF help diversify the finance market, and in turn contribute to more choices for smaller businesses across the UK.”
Scott Maybury, CEO at PCF Bank, stated that the specialist bank has been helping UK SMEs purchase assets for “over 20 years”.
“The investment programme unlocks increased development capital to speciality lenders and challenger banks serving smaller businesses, and enables BBI to support the development of diverse finance markets.”
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