The transaction will support a portfolio within Close Brothers Asset Finance, covering hire purchase, sale and hire purchase back, and leasing facilities.

The ENABLE Guarantees programme is designed to encourage additional lending to smaller businesses.

Participating institutions are incentivised by a government-backed guarantee that supports defined portfolios of debt finance in return for a fee.

The programme is open to all UK banks, UK branches of foreign banks and asset finance providers, as well as certain other categories of lenders that lend to viable UK SMEs.

Michael Strevens, managing director of structured financial institutions at British Business Bank, commented: “Close Brothers is a trusted and long-standing finance provider to thousands of UK smaller businesses.

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“This transaction reflects both institutions’ commitment to ensuring small businesses continue to access the finance they need — especially in tougher times.

“We’re pleased to support this deal that helps Close Brothers to provide even greater support to smaller businesses across the UK.”

Matt Roper, CEO at Close Brothers Commercial, added: “We are a proud supporter of the UK’s SME community and are delighted to be participating in the ENABLE Guarantees programme, in partnership with the British Business Bank.

“Close Brothers Commercial — which our asset finance business is a key part of — provides almost £5bn of lending to business owners, with loan sizes ranging from £5,000 to £100m; the ENABLE programme will allow us to support a larger number of firms as they look to invest in their future.”