The British Business Bank has announced an additional £21.25 million in funding for an existing ENABLE facility. The funding is in partnership with Tower Leasing.
According to a statement distributed by the Bank, the money will go to fund smaller businesses aiming to acquire assets to fuel growth. The initial funding of £21.25 million was announced in December of 2017.
Tower Leasing provides asset financing for smaller businesses in need of assets. Typically, they either use their own balance sheet or broker with traditional financing firms.
The ENABLE funding program was created in 2014 to support the British Business Bank’s objective to drive growth by supporting access to finance for UK smaller businesses.
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, said the partnership with Tower Leasing also boosts their broader objective to increase both the amount and diversity of funding available to SMEs.
Managing Director at Tower Leasing Kerry Howells, said the money reinforces their support of UK SMEs “amidst a notably challenging economic landscape.”
