The second tranche – made under the BBB’s ENABLE Funding programme – will allow the asset finance provider to expand its lending to smaller businesses across the UK.
Together, the two rounds of funding are expected to provide more than £120m of finance to SMEs.
Simply Asset Finance secured its first £60m tranche from the bank in January and has provided asset finance to customers from a variety of sectors including manufacturing, construction, transport and recycling.
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“This second – and very significant – tranche of investment from the British Business Bank comes at an exciting time for us,” said Mike Randall, CEO at Simply Asset Finance.
“The market opportunity is considerable and we’re growing rapidly – yet steadily – to be able to take advantage of that.”
Keith Morgan, CEO at the BBB (pictured above), said as the government’s economic development bank, it would increase both the supply and diversity of finance available to growing businesses.
“Our 2018 Small Business Finance Markets report highlighted the increasing importance of asset finance to smaller businesses, with the value of such finance increasing by 12% from 2016 to 2017.
“This additional funding through Simply Asset Finance will enable more businesses to source the new or replacement equipment they need to expand and fulfil their growth potential.”
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