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The British Business Bank is providing a £60 million facility to Simply Asset Finance to increase its funding to SMEs.

The transaction is the sixth made under the Bank’s ENABLE Funding programme, which aims to increase the supply of leasing and asset finance to UK SMEs.

Simply Asset Finance is a new non-bank lender which was set up in April 2017 and led by CEO Mike Randall, with backing from investor Cabot Square Capital.

It provides funding to small and medium-sized businesses to help them purchase equipment, free up working capital and invest in growth.

Simply Asset Finance has already arranged more than £35m of financing across a variety of sectors – including manufacturing, construction, transport and recycling.

Since the first transaction in September 2015, the Bank’s ENABLE Funding programme has supported lending to over 10,000 businesses.

Randall 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.

“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.”

The British Business Bank is the UK’s national economic development bank. Its programmes support more than £3.4bn of finance to more than 59,000 smaller businesses

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.”