British Business Bank to provide £51m small business asset finance
Agreement with non-bank finance provider LDF intends to "significantly increase" the supply of leasing and asset finance to smaller UK companies
The British Business Bank has agreed a £51m facility to non-bank finance provider LDF to increase asset finance for the UK’s small businesses.
The transaction, which marks the second tranche of the British Business Bank’s new ENABLE Funding programme, has been 50% guaranteed by the European Investment Fund and will allow the LDF to “substantially expand” its supply of leasing and provision of assets to smaller companies.
The British Business Bank has also announced that it will be making similar agreements with other funders over the course of this year; the aim of which will be be to give investors access to a larger and highly diversified pool of small business debt.
Reinald de Monchy, managing director of wholesale solutions at the British Business Bank, said:
“This second transaction in the ENABLE Funding programme will further boost the availability of asset finance for businesses across the UK. We are particularly pleased to be able to be working with LDF […] to help it expand its funding programme, which has already supported so many businesses across the UK.”