Performance Finance has received a £15m facility from British Business Investments to provide funding support to smaller businesses looking to acquire business-critical assets.

The transaction will be structured as a block discounting agreement.

British Business Investments, a wholly owned commercial subsidiary of the British Business Bank, aims to improve access to alternative finance for smaller businesses across the UK, while also supporting the transition to a net zero economy.

Since it was established in 2014, British Business Investments has committed more than £3.8bn to providers of finance to UK smaller businesses.

Performance Finance is provides solutions for professionals, including opticians, dentists, solicitors, vets, and surgeons to give them access to a variety of funding options, including business loans, personal loans, and asset finance.

The broker’s direct lending facility has grown significantly since its inception in 2005, from financing just over £380,000 in its first year to £55m during 2023.

Managing director at British Business Investments, Adam Kelly, said: “This £15m facility to Performance Finance supports British Business Investments’ mission to improve access to alternative finance for smaller businesses across the whole of the UK.

“Independent operators like Performance Finance help diversify the UK’s smaller business finance market and provide more choice for businesses. We look forward to working with Performance Finance to help smaller businesses across the UK get funding for the assets they need to continue their growth.”

Performance Finance managing director, Stuart Burn, added: “I am absolutely delighted British Business Investments has supported Performance Finance with a £15m block discounting facility. This will help us increase our funding to professionally qualified SMEs that are keen to grow and provide vital services within their communities.”

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