Sheffield’s British Business Bank has provided Simply, the non-bank SME lender, with a fourth funding tranche to add to it existing ENABLE Funding facility.
In total, the four rounds of financing will provide more than £230 million of funding to smaller businesses across the UK. This is now the largest facility under the Bank’s ENABLE Funding programme, which aims to improve the supply of asset and lease finance to smaller UK businesses.
Simply was formed in April 2017 in response to the need for innovation and disruption in the asset finance sector. It has become the fastest-growing lessor and equipment finance company in the UK
Launched in 2014, the ENABLE Funding programme supports the Bank’s objective to diversify finance markets for smaller UK businesses.
Providers of finance to smaller businesses often lack the scale required to access capital markets – a key source of funding for lending institutions – in a cost-efficient manner.
The ENABLE Funding programme warehouses newly-originated finance receivables from different originators – bringing them together into a new structure.
Once the structure has sufficient scale, it will refinance a portion of its funding on the capital markets, also helping small finance providers to tap into institutional investors’ funds.
“We are proud to work with the British Business Bank, helping to provide funding to as With this fourth tranche of money, we are improving the supply of finance to UK firms and for critical requirements like hire purchases, finance leases and refinancing,” said Mike Randall, CEO of Simply.