British Business Bank adds £60m firepower to non-bank lender

By Daniel Lanyon on Monday 17 June 2019

Alternative Lending

The extended facility for Simply takes its total funding line from the BBB to £180m

Simply, a non-bank lender, focused on SME asset financing has scored a a third financing tranche of £60m from the British Business Bank.

The firm, which recently rebranded from  Simply Asset Finance, received the largest total facility from the Bank’s Enable Funding programme to support more asset finance for smaller businesses

Simply, launched in April 2017 and has now arranged more than £180m of funding to smaller businesses.

Mike Randall, CEO of Simply, says the company is typically lending to entrepreneurs, family businesses and small and medium-sized enterprises across the UK who are looking to grow.  

“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.” 

Simply is backed by Cabot Square Capital, an asset manager also with a stake in Oakam.

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