The British Business Bank says it will support up to £300m with Close Brothers under the ENABLE Guarantees programme. The financing is associated with Close Brothers Asset Finance, covering hire purchase, sale and hire purchase back and leasing facilities. Participating firms are incentivised by a government-backed guarantee.
The Bank states that the Finance & Leasing Association estimates that asset finance accounted for one-third of all UK investment in vehicles, machinery, and equipment in 2024.
The ENABLE Guarantees programme aims to encourage additional lending to smaller businesses.
Close Brothers is also participating in several other British Business Bank programmes. These include the Growth Guarantee Scheme and legacy offerings such as the Recovery Loan Scheme (RLS), the Coronavirus Business Interruption Loan Scheme (CBILS), the Bounce Back Loan Scheme (BBLS), and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
