Simon Goldie, who is the Head of Asset Finance at the Finance & Leasing Association (FLA), has welcomed the introduction of a new asset based lending vehicle by the British Business Bank.
The FLA worked on the development of the new programme, which is called ENABLE. The British Business Bank will administer the programme, but it is funded by the Department for Business, Innovation and Skills. Finance firms that already provide asset-funding services to small and medium-sized enterprises (SMEs) are being invited to contact the British Business Bank to get involved with the scheme.
Mr Goldie said:
“The Enable programme will allow small, challenger banks and non-bank lenders to access cost-efficient funding from the capital markets. This is great news for the thousands of small businesses that want to finance new equipment to help them grow.”
Currently, it is planned that the Business Bank will focus mainly on SMEs, meaning that it is targeting firms with a turnover of up to £25m. However, the bank does not lend directly to businesses. Instead, it works with financial institutions with the aim of increasing funding for SMEs.
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