ENABLE Funding programme facility will give Bracknell-based Tower Leasing access to a £25.5m line of asset finance
The British Business Bank has announced that it is providing a £25.5m facility to Tower Leasing. The transaction, made under the Bank’s ENABLE Funding programme, will allow Tower to provide additional asset finance to smaller businesses looking to acquire business critical assets to boost their growth.
Bracknell-based Tower Leasing, with a regional office in Tamworth, was founded in 1989. It has extensive experience in providing finance to smaller businesses all over the UK, with a particular focus on finance leases for business and office equipment. The new facility announced today will allow Tower Leasing to grow and diversify its funding base.
Bernie Skivington, Director, Guarantee & Wholesale Solutions at the British Business Bank, said:
“Our ENABLE Funding programme is an important part of our support to smaller asset finance providers like Tower Leasing as they scale up their lending to smaller businesses, helping them invest in the equipment they need to grow and succeed. This latest transaction is another great example of how we are increasing both the amount and diversity of funding available to these smaller finance providers.”
Kerry Howells, Chief Executive Officer at Tower Leasing said:
“Tower Leasing are delighted to announce that we have secured a new funding facility via the British Business Bank Plc ENABLE programme. Lending to SMEs runs through Tower’s DNA and the ENABLE funding represents a significant milestone in Tower’s development. The facility supports our aspirations for continued growth and to broaden our offering, gaining further traction into the SME marketplace.”
As part of British Business Bank’s key objective to diversify finance markets for smaller UK businesses, the ENABLE Funding programme helps smaller providers of business finance to do more. These providers often lack the scale required to access capital markets – a key source of funding for lending institutions – in a cost-efficient manner. ENABLE Funding warehouses newly-originated finance receivables from a number of smaller business finance providers.
Source: British Business Bank