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British Business Investments injects £30m in SMEs through online lending platform




By Daniel Lanyon on 4th December 2017

https://goo.gl/XM4o5r

The UK government’s economic development bank is aiming to help innovative smaller businesses.

 

 

British Business Investments, the commercial arm of the British Business Bank, is to provide £30m of funding to SMEs through commercial finance provider Independent Growth Finance.

 

The cash injection is aimed to help with working capital finance to fast-growing SMEs, many of whom have struggled to get finance from traditional lenders. IGF is an emerging specialist provider of asset based lending products

 

It allows   SMEs to borrow against the assets they already own, including, property owned and used by the business, plant and equipment including a variety of machinery and production equipment, inventory such as manufactured finished goods and stocks for resale.

 

John Onslow, CEO of IGF, says that ten years on from the financial crisis, UK SMEs are still struggling to access the finance they need to grow their businesses.

 

“Our partnership with British Business Investments will provide much needed finance to SMEs. The finance we will be providing allows them to unlock the value of the assets they own and use them to borrow funds to expand and create jobs,” he said.

 

“We think that we have only begun to scratch the surface in this form of finance. It has enormous growth potential,” he added.

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