Simply to boost SME support with increased funding line

Simply has revealed that it aims to boost its support to more businesses following a further increase of its funding line from Aldermore, which brings the total block discounting facility to £30m.

The additional £10m of funding makes Simply one of the specialist bank’s most significant block funding partners.

The deal will enable Simply to support more SMEs, create jobs and drive innovation.

“The increased funding line that Aldermore has provided us with will enable us to further support those businesses that are vital to the country’s prosperity,” said Mike Randall, CEO at Simply (pictured above).

“Non-bank lenders are taking an ever expanding share of the SME finance sector and block discounting is an important part of this.

“With a continuing lack of clarity around Brexit, this injection of funds, together with the other committed facilities that we have secured with some of the largest financial institutions in the UK, will hopefully reassure our customers and broker/dealer partners that whatever the outcome, we are here to help them with their funding needs.”

Shaun Carroll, head of block discounting at Aldermore, added: “It is a real pleasure to be able to announce the latest deal with Simply.

“Right from the start we knew that we had to look not just at the numbers, but also the people involved and what the team wanted to achieve.

“Simply has accomplished a great deal in its first two-and-a-half years, and we are pleased to be part of that story.”

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