British Business Investments has provided a £25m funding facility to asset finance provider, Tower Leasing Limited.
The transaction will be structured as a block discounting agreement that will allow Tower Leasing to provide funding support to smaller businesses looking to acquire business-critical assets to accelerate their growth.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, has an aim to increase the supply and diversity of finance for smaller UK businesses by boosting the lending capacity of finance providers.
Since it was established in 2014, British Business Investments has committed more than £3.3bn to providers of finance to UK smaller businesses.
“This £25m facility to Tower Leasing Limited supports British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses in the UK,” British Business Investments CEO, Judith Hartley, commented.
“Independent operators like Tower Leasing help diversify the UK’s smaller business finance market and provide more choice for businesses. We look forward to working with Tower Leasing Limited to help smaller businesses across the UK get funding for the assets they need to continue their growth.”
Tower Leasing has experience in providing finance to smaller businesses across the UK, with a particular focus on finance leases for business and office equipment. The new facility will allow the firm to support increased lending volumes using its diversified funding base.
Managing director at Tower Leasing, Kerry Howells, added: “Supporting the development of smaller businesses is in Tower’s DNA and this new commitment will provide us with increased funding to enhance our product offering and issue valuable funding to assist our clients with future growth opportunities. This marks an exciting new chapter for Tower, our customers, and the vital UK SME market.”
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