Berkshire’s Tower Leasing gets £21m funding boost from British Business Bank
British Business Bank has agreed to a £21.25 million increase of its existing ENABLE funding for Bracknell-based Tower Leasing.
This follows the original £25.5 million facility drawn up in December 2017, which Tower Leasing has used to provide additional asset finance for smaller businesses looking to acquire business critical assets and boost their growth.
The additional funding will allow the firm to support a strong origination pipeline built upon long-standing relationships with equipment vendors, resellers and customers.
Kerry Howells, Managing Director of Tower Leasing, said: “Our partnership with the British Business Bank through their ENABLE funding programme has been instrumental in our commitment to providing accessible finance to SMEs across the UK.
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“We’re delighted with the approval of this increased facility as it reinforces this commitment, empowering us to expand our support to a wider number of businesses amidst a notably challenging economic landscape.”
Launched in 2014, the ENABLE funding programme supports those like Tower Leasing who look to provide finance to smaller businesses, but lack the scale required to access capital markets in a cost-efficient manner.
Reinald de Monchy, Managing Director of Guarantee and Wholesale Solutions at British Business Bank, added: “We’re very pleased to agree this facility increase with Tower Leasing.
“ENABLE is designed to support smaller businesses to scale up and succeed by providing specialised lenders such as Tower Leasing efficient funding to on-lend.
“This transaction with Tower Leasing also strengthens our wider objective to increase both the amount and diversity of funding available to SMEs from a wide variety of finance providers.”
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