BBB and Simply Asset Finance unlock £60m10/01/2018
Simply Asset Finance has agreed a new facility with the British Business bank which will unlock £60m of funding for SMEs in the UK. This transaction is the sixth under British Business Bank’s ENABLE Funding programme since it was started in September 2015. During that period it has supported lending to more than 10,000 businesses.
Simply Asset Finance, a new non-bank lender which was set up in April 2017, will make this funding available for critical requirements like hire purchases, finance leases and refinancing. The company is led by Mike Randall and backed by the investor Cabot Square Capital. In its first seven months Simply Asset Finance has originated more than £35m of new business to UK SMEs across a variety of sectors, including manufacturing, construction, transport and recycling.
Mike Randall, CEO of Simply Asset Finance, said, “The funding from the British Business Bank will allow us to further support those businesses that are looking to invest in the future, and consequently drive the country’s growth. We’ve long recognised the need to provide customers with a better, simpler, transparent and more agile financial experience.
“Many of our clients just do not want to deal with large corporate lenders and banks. Our ethos – which echoes that of the British Business Bank – is simple: we want to help organisations unlock the best funding solution for their businesses and generate more working capital. We are delighted to agree this facility and look forward to working with the Bank long term.”
Keith Morgan, CEO of the British Business Bank, said, “Our ENABLE Funding programme helps support smaller finance providers like Simply Asset Finance who share our goal of increasing the supply of finance to small and medium sized businesses. Leasing and asset finance is a vital form of funding for many smaller businesses looking to scale up. It allows them to buy or replace the equipment that they need to take their business to the next level and realise their growth potential.
“The Bank is committed to increasing the volume of funding available to smaller businesses. We’re also committed to increasing the diversity of finance provision, allowing exciting and innovative non-bank entrants like Simply Asset Finance to help provide even more funding options to smaller businesses around the UK.”
Richard McDougall, Partner at Cabot Square Capital, said, “We are very pleased with the excellent progress that Simply Asset Finance has made in a short period of time, and it is great that the British Business Bank is supporting Simply Asset Finance alongside us."