British Business Bank (BBB) has significantly increased its financing to UK-based independent asset finance provider Simply Asset Finance. This additional funding forms a crucial part of the BBB's Enable Funding programme, which involves refinancing through private securitisations. The expanded facility now enables Simply Asset Finance to offer more than £175m in financing to small businesses across the country, as part of a larger transaction aiming to provide approximately £0.7bn to UK businesses.

Unlocking Growth for Small Businesses with Enhanced Funding

Impact on Small Businesses

Simply Asset Finance CFO Stefan Wolvaardt emphasizes the huge potential in the small and medium-sized business market. The increased ENABLE Funding commitment serves as a vital tool for helping these firms unlock growth. Since joining the programme in December 2017, the company has been able to increase its asset finance portfolio. This provides small businesses with the necessary financial support to acquire equipment and manage cash flow effectively.

For instance, through five rounds of financing, the company has channelled more than £300m to smaller UK businesses. This influx of funds has allowed these businesses to expand their operations, invest in new equipment, and improve their overall financial stability. BBB products co-chief banking officer Reinald de Monchy highlights the significance of this, stating that completing the increased ENABLE Funding commitment will unlock significant capital for smaller businesses. The partial refinancing of Simply's facility brings in private sector funding for their existing book, enabling them to continue providing new funding to support smaller business investment and growth.

Role of the Enable Funding Programme

Initiated in 2014, the ENABLE Funding programme aligns with the BBB's plan to enhance access to finance for smaller businesses. It serves as a catalyst for economic growth by providing much-needed funds to these enterprises. Simply Asset Finance, founded in April 2017, is dedicated to providing small and medium-sized businesses with the means to thrive. Their range of products, from hire purchasing to refinancing options, caters to the diverse needs of these businesses.

This programme not only helps businesses acquire essential equipment but also assists in managing cash flow, which is crucial for their day-to-day operations. By offering these financial solutions, Simply Asset Finance is playing a vital role in the UK business landscape, supporting the growth and development of smaller enterprises.