The South Wales-based independent lender has been providing finance to small businesses for over 20 years and last year it saw its lending grow from £40m to more than £70m. 

The facility, which is 50% guaranteed by the European Investment Fund, will allow Henry Howard to extend its asset finance funding to a larger portfolio of SMEs.

“We are delighted to be working with the British Business Bank to boost much-needed funding for SME asset procurement,” Mark Crook, Co-founder and Chief Operating Officer of Henry Howard, added. 

“Access to asset finance is a major barrier to growth for many small businesses. 

“We hope the new facility will remove this barrier and allow more SMEs to grow and prosper.”

The facility was also praised by Sajid Javid, the Secretary of State for Business, who said every business needed to invest in the right tools to get the job done.

“This £51m facility backed by the British Business Bank will allow small firms to get new equipment without taking a big hit to their cash flow. 

“This means they can continue to grow, create jobs and benefit local communities across Wales and the rest of the UK.”

The funding also means that Henry Howard has become the first South Wales lender to become a partner of the British Business Bank.

“Henry Howard Finance has a proven track record in providing much-needed asset finance to small businesses and this facility will help it significantly increase its asset finance lending to smaller businesses across the UK,” Reinald de Monchy, Managing Director of the British Business Bank, added.

“This is the third transaction in our ENABLE funding programme and we have now provided a total of £202m to non-bank asset finance providers.”