British Business Bank makes increased commitment to Simply Asset Finance to unlock more than £175m of asset finance for smaller UK businesses

• The new facility is part of a wider transaction which will provide around £0.7bn of funding to smaller businesses across the UK

Monday 2 December 2024

The British Business Bank has announced an increase to its ENABLE Funding commitment to Simply Asset Finance (“Simply”), one of the UK’s largest and fastest growing independent asset finance providers.

This increased facility will allow Simply to provide more than £175m of finance to smaller businesses across the UK.

In line with the ENABLE Funding programme’s objectives, a portion of the funding provided to Simply has also been refinanced through private securitisations, as part of a wider transaction which will provide around £0.7bn of funding to businesses across the UK.

Simply is an independent non-bank lender and equipment finance company, set up in April 2017 in response to the need for innovation and disruption in the asset finance sector. It provides funding to small and medium sized businesses to help them purchase equipment, free up working capital and invest in growth, through its hire purchase, leasing and refinancing products which range from a few thousand pounds to more than £1m.

Simply is now one of the fastest-growing asset finance companies in the UK over the past three years[1]. It employs over 160 people and has supported over 9,000 customers since it was founded.

Simply has been a participant in the ENABLE Funding programme since December 2017 and has since significantly grown their asset finance portfolio. In total, through five rounds of financing, Simply has provided more than £300m of funding to smaller businesses across the UK via the ENABLE Funding programme.

Launched in 2014, the ENABLE Funding programme supports the British Business Bank’s key objective to drive sustainable growth and prosperity across the UK by supporting access to finance for smaller businesses.

The ENABLE Funding programme warehouses newly originated finance receivables from participating originators. Once the portfolio has sufficient scale, it aims to refinance a portion of its funding on the capital markets, helping smaller finance providers to tap into institutional investors’ funds.

Reinald de Monchy, Co-Chief Banking Officer, Products, British Business Bank, said: “Completing this increased ENABLE Funding commitment to Simply Asset Finance will unlock significant capital for smaller businesses. Importantly, the partial refinancing of Simply’s facility will bring in private sector funding for their existing book and allow us to continue to provide Simply with new funding to support smaller business investment and growth.”

Stefan Wolvaardt, Chief Financial Officer, Simply Asset Finance, said: “There remains huge potential in the small and medium-sized business market, so the increased ENABLE Funding commitment will be a vital tool for us to help unlock growth for those firms across the country that need it most. At the core of our business is a commitment to supporting the sustainable growth of businesses across the UK, so we’re incredibly pleased to continue working with the British Business Bank to deliver this vital funding stream.”

ENDS

Media Contacts:

British Business Bank:

Freddie Cocker, Corporate Communications Manager, freddie.cocker@british-business-bank.co.uk / 07741 674 000

Scott Shearer, British Business Bank, Scott.Shearer@british-business-bank.co.uk

Notes to editors:

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £17.4bn^[1] of finance to almost 64,000^[2] smaller businesses.

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.

The funding from British Business Bank to Simply Asset Finance does not amount to any endorsement or warranty from British Business Bank plc, or the government of the UK.

The ENABLE Funding Scheme is managed by British Business Financial Services Ltd, a wholly owned subsidiary of British Business Bank plc, on behalf of, and with the financial backing of, the Secretary of State for Business and Trade.

About Simply Asset Finance

Simply Asset Finance was founded in April 2017 by a team of asset finance specialists, in response to the need for innovation and disruption in the sector. It offers an alternative financial model to banks and looks beyond a balance sheet and credit rating, supported by a digitally enabled customer journey. Simply Asset Finance consider a customer’s potential and work with them to identify and implement the best solution to help them succeed. Their highly experienced sales team is made up of people with extensive knowledge of the industries they lend to. This means they understand the day-to-day challenges that businesses face and the dedicated support teams guide customers through the process, helping them every step of the way.

Simply Asset Finance has lent more than £1.5bn to over 9,000 small and medium businesses across a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture.

[1] Asset Finance UK 50 Report, ‘Asset finance: empowering growth in the UK’

[1] Figures as at end March 2024

[2] Figures as at end March 2024