British Business Bank ups Simply’s facility under its ENABLE Funding programme to £180m with a third financing tranche of £60m
Simply receives largest total facility from the Bank’s Enable Funding programme to support more asset finance for smaller businesses
Simply, the non-bank lender that was set up in April 2017 in response to the need for disruption in the asset finance sector, today announced that it has received a third facility from the British Business Bank, which will provide another £60m of lending. Together, the three rounds of financing are expected to provide more than £180m of funding to smaller businesses. This is the Bank’s largest total facility under its ENABLE Funding programme, which aims to improve the supply of asset and lease finance to smaller UK businesses.
Now employing more than 85 people, Simply has supported over 2000 customers in the two years that it has been in existence. In this time, the business has evolved from start-up to established industry player and has made clear its commitment to bringing positive change to the market and its customers.
Mike Randall, CEO of Simply, said: “We believe we are building something different, something that challenges the current industry status quo. Our vision is simple. It’s all about believing in potential. Simply wants to lend money to entrepreneurs, family businesses and small and medium-sized enterprises across the country to let them grow and prosper. With every transaction, we enable them to employ staff, serve their customers and pump oxygen into the foundations of the SME economy. And thanks to this third tranche from the British Business Bank, we are able to provide more of our customers with the tailored solutions and long-term partnerships that will see them through the whole economic cycle.”
Reinald de Monchy, Managing Director, Guarantee and Wholesale of the British Business Bank, said: “It’s a measure of the success of the Simply business and of our relationship with Mike Randall and the team that the Bank has increased its funding through the ENABLE Funding programme. Since our relationship began in 2017, it is encouraging to see that Simply has continued to increase the amount of leasing and asset finance available to businesses to help them purchase equipment, free up working capital and invest in growth. The Bank remains committed to increasing the diversity of finance provision, allowing non-bank entrants like Simply to help provide even more funding options to smaller businesses around the UK.”
Richard McDougall, Partner at Cabot Square Capital, said: “Simply has continued to make excellent progress and has now established itself as a credible player in the asset finance market. It is great that the British Business Bank is extending its support to Simply for the third time, alongside Cabot. Mike and his team provide an invaluable service to businesses across the country – Simply lends Cabot’s institutional capital and funds from the British Business Bank into the real economy in a modern way, with total focus on customer experience and outcomes.”