The British Business Bank has secured a transaction of up to £300 million with Close Brothers under the ENABLE Guarantees programme. The deal expands lending capacity for Close Brothers Asset Finance, covering hire purchase, sale and leaseback, and leasing products.
The expanded facility targets smaller businesses seeking finance for essential capital assets, including vehicles, machinery, and equipment. Funding may also support investment in green and sustainable assets. In 2024, asset finance accounted for around a third of UK investment in these areas, according to the Finance & Leasing Association.
The ENABLE Guarantees programme provides a government-backed guarantee to encourage additional lending to small and medium-sized enterprises (SMEs). It applies to UK banks, branches of foreign banks, and asset-based finance providers lending to viable SMEs. Participating lenders receive support for defined portfolios of debt finance in return for a fee.
Close Brothers Commercial, which delivers almost £5 billion in lending annually to UK businesses, will use the additional capacity to extend finance to a broader range of firms. Loan amounts range from £5,000 to £100 million. The programme aims to improve access to finance for SMEs, particularly during periods of economic uncertainty.
