British Business Bank has agreed a £21.25m building up to its ENABLE Funding facility with Tower Leasing to spice up asset finance for smaller companies
The British Business Bank has agreed a £21.25m building up of its current ENABLE Funding facility with Bracknell-based Tower Leasing.
The unique £25.5m facility was once agreed in December 2017, which allowed Tower Leasing to supply further asset finance to smaller companies having a look to obtain enterprise serious property to spice up their enlargement.
This new facility measurement of £46.75m will permit Tower Leasing to fortify a robust origination pipeline constructed upon long-standing relationships with apparatus distributors/resellers and shoppers, proceeding to supply asset finance to UK smaller companies.
Tower Leasing was once established in 1989 and offers or arranges asset finance basically for business-critical comfortable property to smaller companies in the United Kingdom, both by means of financing them the usage of its personal stability sheet or by means of brokering to standard finance suppliers. Tower specialises in finance rentals for the purchase of commercial and place of job apparatus, IT loans and enterprise loans to UK smaller companies.
Launched in 2014, the ENABLE Funding programme helps the British Business Bank’s key function to force sustainable enlargement and prosperity throughout the United Kingdom by means of supporting get right of entry to to finance for smaller companies. Providers of finance to smaller companies continuously lack the size required to get right of entry to the capital markets – a key supply of investment for lending establishments – in a cost-efficient way.
The ENABLE Funding programme warehouses newly originated finance receivables from collaborating originators, bringing them in combination into a brand new construction. Once the construction has enough scale, it targets to refinance a portion of its investment at the capital markets, serving to smaller finance suppliers to faucet into institutional traders’ finances.
Kerry Howells, Managing Director at Tower Leasing stated: “Our partnership with the British Business Bank through their ENABLE Funding programme has been instrumental in our commitment to providing accessible finance to SMEs across the UK. We are delighted with the approval of this increased facility as it reinforces this commitment, empowering us to expand our support to a wider number of businesses amidst a notably challenging economic landscape.”
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, stated: “We’re very pleased to agree this facility increase with Tower Leasing. Our ENABLE Funding programme is designed to support smaller businesses to scale up and succeed by providing specialised lenders such as Tower Leasing efficient funding to on-lend. This transaction with Tower Leasing also strengthens our wider objective to increase both the amount and diversity of funding available to SMEs from a wide variety of finance providers.”
