The British Business Bank (“BBB”) has agreed to deliver a £25.5m funding facility to Tower Leasing to provide asset finance for SMEs.
This represents 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, said, “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.”
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. The facility supports our aspirations for continued growth and to broaden our offering, gaining further traction into the SME marketplace.”
Less than two months ago, the British Business Bank welcomed the extra £2.5bn of government funding announced in the Autumn Budget. The Budget statement increased the amount of UK government funding received by the British Business Bank from £3.7bn to £6.2bn, and unlocked up to an additional £13bn of equity finance to support UK SMEs.