UK SMEs are set to receive a funding boost of more than £95 million as the British Business Bank increases Propel’s ENABLE Funding facility.
The total facility will allow more than £216 million of finance to be provided to SMEs across the UK.
This is now one of the largest facilities under the Bank’s ENABLE Funding programme, which aims to improve the supply of finance solutions for business-critical assets to smaller UK businesses.
Launched in 2014, the ENABLE Funding programme supports the Bank’s objective to diversify finance markets for smaller UK businesses.
Mark Catton, CEO of Propel, said: “We’re proud to work with the British Business Bank to help support UK businesses across all equipment types. Our partnerships gives us reach into all sectors of the economy, and all types of businesses.
“The ENABLE Funding programme helps us translate that reach into fast and accessible finance for SMEs wanting to invest and grow.”
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions of the British Business Bank, said: “The British Business Bank developed the ENABLE Funding programme to allow access to cost-efficient funding from institutional investors for providers of finance to smaller businesses.
“By partnering with alternative and non-bank lenders, like Propel, we can give smaller UK businesses access to the asset and lease finance they need.
“The Bank remains committed to its objective to create a more diverse finance market, and we look forward to continuing to work with Propel and other non-banks to help provide even more funding options to smaller businesses across the UK.”