British Business Bank backs SME-focused lender Simply with £300m funding line boost
British Business Bank (BBB), the UK government’s economic development bank, has announced it will increase SME-focused neolender Simply’s existing ENABLE Funding facility to a total of £300 million.
This is now the largest facility under the bank’s ENABLE Funding programme, which is designed to diversify finance markets for smaller UK businesses.
The increased funding line will allow Simply to provide more financial support to SMEs across the UK.
BBB says ENABLE, launched in 2014, helps small businesses overcome the lack of scale that is usually required to access capital markets.
Reinald de Monchy, BBB managing director, guarantee and wholesale, says: “By partnering with alternative and non-bank lenders like Simply to help close the funding gap, we are enabling smaller businesses across the UK to gain access to finance through a wider offer of funding options.
“Tackling the problem of diversity of financial provision for small businesses is central to the ENABLE Funding programme, which was developed by the British Business Bank specifically to address this critical issue.”
Simply, an independent lender and equipment finance company, has provided £650 million worth of support to more than 4,200 customers since it was founded in April 2017.