Asset finance and asset-based lending providers — as well as certain other categories of lenders — can now be supported by the programme, with participants required to lend to SMEs in the UK.
The bank — which is now accepting applications from such lenders — aims to increase the diversity of both the supplier and type of finance available to smaller businesses.
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“Our ENABLE Guarantee programme helps smaller businesses in the UK access the right funding by supporting a wide range of lending products,” said Reinald de Monchy, managing director of guarantee and wholesale solutions at British Business Bank.
“This extension to the programme will increase the range of options available and help more UK smaller businesses to access the finance they need to prosper and grow.”
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