Specialist lender secures multimillion-pound funding line
By Alex LynnAsset finance specialist Kingsway has secured a £16.5m revolving credit facility from the commercial investment arm of the British Business Bank (BBB)
The facility from British Business Bank Investments is expected to increase Cheshire-based Kingsway’s leasing capacity by up to £25m.
Keith Morgan, chairman of BBB Investments, said: “We see asset finance as an increasingly important option for smaller businesses looking to grow and invest.
“We are keen to introduce more innovative ways to meet the growing demand for this type of finance, in particular leasing and hire purchase for plant and machinery investments.”
The facility comes as part of a new expansion capital initiative from the BBB’s existing investment programme.
Launched in 2013, the programme has so far committed over £120m to six asset finance providers.
Simon Goldie, head of asset finance at the Finance & Leasing Association (FLA), added: “The expansion capital initiative is an important addition to the British Business Bank’s funding initiatives, and will increase Kingsway’s ability to support smaller businesses through asset finance.
“We look forward to seeing more FLA member firms working with the bank to drive economic growth in the UK.”
Adrian Anthon, Managing Director of Kingsway, added: “From our North West base, Kingsway has been supporting UK small businesses for almost 20 years and this new facility will enable Kingsway to significantly increase our lending to small businesses across the UK.”
Keywords: Commercial Finance, Commercial Lender, Alternative Finance, Broker news, Bridging loans, asset finance, Kingsway, British Business Bank, banking investment programme, new capital initiative, Finance and Leasing Association, FLA