Small and medium-sized enterprises (SMEs) have been invited to apply for more than £216 million in funding through an expanded finance initiative.
Backed by the British Business Bank (BBB), the ENABLE Funding facility aims to support the growth of small businesses with fast, flexible, and accessible asset finance.
The expanded scheme – supported by new finance partner Propel, one of the UK’s largest and fastest growing independent asset finance providers – will provide hire purchase, leasing and refinancing support on equipment purchases from “a few thousand pounds” to more than £2 million.
This can include asset types ranging from telecoms and technology to commercial vehicles and industrial plant and machinery, the bank said.
The Enable Funding programme was launched in 2014 by the BBB in a bid to improve access and diversify finance markets for smaller UK businesses that typically lack the scale required to access capital markets.
Commenting on the scheme, Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions of the BBB, said: “The BBB developed the ENABLE Funding programme to allow access to cost-efficient funding from institutional investors for providers of finance to smaller businesses.
“By partnering with alternative and non-bank lenders, like Propel, we can give smaller UK businesses access to the asset and lease finance they need. The Bank remains committed to its objective to create a more diverse finance market, and we look forward to continuing to work with Propel and other non-banks to help provide even more funding options to smaller businesses across the UK.”
Mark Catton, CEO of Propel, added: “We’re proud to work with the British Business Bank to help support UK businesses across all equipment types.
“Our partnership gives us reach into all sectors of the economy, and all types of businesses. The ENABLE Funding programme helps us translate that reach into fast and accessible finance for SMEs wanting to invest and grow”.
To learn more about the scheme, please click here.
For commercial support, including advice on start-ups, mergers, acquisitions, investment, and corporate finance, please get in touch with our expert team today.