British Business Bank agrees £21.25m increase to ENABLE Funding facility with Tower Leasing to boost asset finance for smaller businesses

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £12.4 billion ^{Read footnote text 1}  of finance to more than 90,000 smaller businesses ^{Read footnote text 2} .

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4 billion in finance to 1.67 million businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at the British Business Bank.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Tower Leasing or its products or services.

About Tower Leasing

Established in 1989, Tower Leasing is a funder with brokerage facilities, specialising in asset finance and leasing solutions.

Partnering with businesses from a wide range of industries including telecoms, IT, print and vending, Tower aims to enhance equipment suppliers’ sales offerings by providing finance and leasing options to their B2B customers.

Tower supports the development of UK-based businesses directly, by enabling them to acquire much needed capital equipment through leasing, along with providing a wide range of alternative finance products designed to assist with cash flow and fund business growth.

With over 30 years of industry experience, Tower prides itself on offering a tailored approach to its partners and customers and have supported the growth plans of over 50,000 SMEs to date.

Tower Leasing Limited is authorised and regulated by the Financial Conduct Authority (Firm number: 667945).

For more information, please visit Tower Leasing website.

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  Figures as at the end of March 2023

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  Figures as at the end of March 2023