Small businesses are set to benefit from increased provision of asset finance as independent lender Henry Howard Finance has agreed a new £51m facility under the British Business Bank’s ENABLE Funding programme.
The facility, which is 50% guaranteed by the European Investment Fund, will allow Henry Howard to extend its asset finance funding to a larger portfolio of smaller UK businesses.
Business Secretary Sajid Javid said: “Every growing business needs to invest in the right tools to get the job done, whether that’s upgraded laptops or new delivery trucks.
“This £51 million facility backed by the British Business Bank’s ENABLE Funding programme and the EIF will allow small firms to get new equipment without taking a big hit to their cashflow. This means they can continue to grow, create jobs and benefit local communities across Wales and the rest of the UK.”
Henry Howard Finance chief operating officer and co-founder Mark Crook said: “Access to asset finance is a major barrier to growth for many small businesses. We hope the new facility will remove this barrier and allow more SMEs to grow and prosper.”
The ENABLE Funding programme is delivered by British Business Bank Financial Services Limited – a subsidiary of British Business Bank plc - on behalf of the Department for Business, Innovation and Skills.