The British Business Bank has entered an agreement with Close Brothers to provide up to £300m under the ENABLE Guarantees programme.

Funds from this transaction will be directed towards Close Brothers asset finance’s portfolio, supporting hire purchase, sale and hire purchase back, and leasing options.

Close Brothers has a history of collaboration with the British Business Bank, being an accredited partner in delivering several financing programmes, including the Growth Guarantee Scheme and former schemes such as the RLS, CBILS, BBLS, and CLBILS.

British Business Bank structured financial institutions managing director Michael Strevens said: “Close Brothers is a trusted and long-standing finance provider to thousands of UK smaller businesses. This transaction reflects both institutions’ commitment to ensuring small businesses continue to access the finance they need — especially in tougher times.

“We’re pleased to support this deal that helps Close Brothers to provide even greater support to smaller businesses across the UK.”

Close Brothers Commercial CEO Matt Roper added: “We are a proud supporter of the UK’s SME community and are delighted to be participating in the ENABLE Guarantees programme, in partnership with the British Business Bank.

“Close Brothers Commercial – which our asset finance business is a key part of – provides almost £5bn of lending to business owners, with loan sizes ranging from £5k to £100m; the ENABLE programme will allow us to support a larger number of firms as they look to invest in their future.”

The ENABLE Guarantees programme aims to incentivise lending to smaller businesses in the UK by offering a government-backed guarantee against portfolios of debt finance, in exchange for a fee.

Last month, the British Business Bank’s Growth Guarantee Scheme channelled £2.5bn into financing for smaller businesses across the UK, with 69% of this funding reaching companies outside of London and the south-east.

“British Business Bank supports Close Brothers with £300m guarantee” was originally created and published by Leasing Life, a GlobalData owned brand.

 

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.