The British Business Bank (BBB) has created a £25.5m (€28.6m) credit facility for Tower Leasing.
The line of credit was made under the BBB’s Enable programme, which aims to diversify capital provision for smaller financiers. The funding will enable Tower Leasing to extend additional asset finance packages to a diversified smaller businesses base.
Bernie Skivington, director of guarantee and wholesale solutions at BBB, said: “Our Enable funding programme is an important part of our support to smaller asset finance providers like Tower Leasing as they scale up their lending to smaller businesses, helping them invest in the equipment they need to grow and succeed.
“This latest transaction is another great example of how we are increasing both the amount and diversity of funding available to these smaller finance providers.”
Kerry Howells, chief executive officer at Tower Leasing, added: “Lending to SMEs runs through Tower’s DNA and the Enable funding represents a significant milestone in Tower’s development. The facility supports our aspirations for continued growth and to broaden our offering, gaining further traction into the SME marketplace.”
Broker and funder Tower Leasing was established in 1989, and is based in Bracknell, Berkshire.