British Business Investments (BBI), a commercial subsidiary of the British Business Bank, has announced a £25m commitment to asset finance specialist, Haydock Finance.

The three-year funding commitment is structured as a block discounting facility and will help the specialist lender to continue growing its asset finance division.

Haydock suggested the funding will help it to provide hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.

The Blackburn based firm specialises in financing physical assets and has also extended to multiple asset refinancing and finance provision for new and used assets in a variety of traditional and specialist markets.

The £25m commitment has been provided through BBI’s Investment Programme, which has made £293m of asset and invoice finance commitments since launching in 2013.

“Our ongoing relationship with Haydock demonstrates BBI’s continued commitment to increasing the diversity of supply of business finance to support smaller businesses across the UK,” commented BBI CEO, Judith Hartley.

“Supporting specialist lenders such as Haydock helps diversify the finance market and contributes to more choices for UK smaller businesses when they look to acquire business critical equipment using asset finance.”

Haydock sales director, Andy Taylor, added: “We are delighted to continue our strong relationship with the British Business Bank. The commitment from them will help to underpin our plans for growth in 2021. We are very happy with the facility which will help Haydock continue to support the British SME community with their investment plans in plant, vehicles and equipment.”

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