The British Business Bank has increased business lender Simply's existing Enable funding facility. In total, the facility will provide £300m of funding to SMEs across the UK.
The British Business Bank has upped its funding facility to lender Simply.
The increase means it's now the biggest facility under the bank's Enable funding programme.
The programme aims to improve the supply of asset finance to the UK smaller business community.
Non-bank lender Simply, formed in 2017, employes over 110 people and says its has provided £650m of support to more than 4,200 customers since it was founded.
Launched in 2014, the bank’s ENABLE Funding programme was launched in order to diversify finance markets for smaller UK businesses.
Under the scheme, the government takes on a portion of the risk on a portfolio of loans to smaller businesses, in return for a fee from the lender.
Reinald de Monchy, managing director, guarantee and wholesale of the British Business Bank, said: “By partnering with alternative and non-bank lenders like Simply to help close the funding gap, we are enabling smaller businesses across the UK to gain access to finance through a wider offer of funding options.
“Tackling the problem of diversity of financial provision for small businesses is central to the ENABLE Funding programme, which was developed by the British Business Bank specifically to address this critical issue.”