Simply Asset Finance to Unlock £175m for UK Businesses
Deal News | Dec 02, 2024 | British Business Bank Investments Ltd
The British Business Bank has announced an increased ENABLE Funding commitment to Simply Asset Finance, empowering the latter to provide over £175 million of asset finance to smaller businesses across the UK. This new capacity is part of a larger transaction aiming to unlock around £0.7 billion for UK businesses. Simply Asset Finance, established in 2017, is an independent non-bank lender focused on financing equipment for small and medium enterprises (SMEs). Simply has swiftly grown, with over 9,000 supported customers and five rounds of financing amounting to over £300 million. The ENABLE Funding programme, initiated in 2014, is designed to support the growth of smaller businesses by facilitating access to finance. It works by warehousing finance receivables from participating providers like Simply and helping refinance these through capital markets to leverage institutional investor funds.
Sectors
- Financial Services
- Investment Management
Geography
- United Kingdom – All businesses, participants, and transactions discussed in the article are based in or primarily relate to the UK.
Industry
- Financial Services – The article revolves around the funding and lending activities of Simply Asset Finance, a company providing asset finance to SMEs, falling under financial services.
- Investment Management – British Business Bank’s ENABLE Funding and involvement in institutional investor funds place the article within investment management.
Financials
- £175 million – The amount of new finance Simply Asset Finance can offer to UK businesses due to the increased commitment.
- £0.7 billion – The total funding expected to be unlocked for UK businesses as part of a larger transaction involving refinancing.
- £300 million – The cumulative amount of funding Simply has provided to smaller businesses through the ENABLE Funding programme.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| British Business Bank | PE Firm | Company | A UK government-owned economic development bank aimed at increasing finance for smaller businesses. |
| Simply Asset Finance | Target | Company | An independent non-bank lender specializing in asset finance for SMEs in the UK. |