British Business Bank Unlocks £300m Lending with Close Brothers

The British Business Bank has entered into a significant transaction with Close Brothers under the ENABLE Guarantees programme, approving a guarantee of up to £300 million. This initiative is aimed at expanding lending capacity, particularly through Close Brothers Asset Finance, which offers hire purchase, sale and hire purchase back, and leasing facilities. The transaction aligns with the growing asset finance market in the UK, valued at a record £23.5 billion for 2024. This form of finance is crucial for small businesses, facilitating the acquisition of necessary capital assets and encouraging sustainable practices through green asset funding. The ENABLE Guarantees programme incentivizes lending to smaller businesses by offering a government-backed guarantee to participating financial institutions, securing defined portfolios of debt finance. This programme is open to a variety of UK and foreign banks operating in the UK, emphasizing lending to viable SMEs. Michael Strevens, Managing Director of Structured Financial Institutions at the British Business Bank, is among the key figures involved.