An independent asset finance company has secured a £62.4 million funding commitment from the British Business Bank.
The agreement - under the ENABLE Funding programme - will allow Tamworth-based Shire Leasing to provide finance for business-critical assets to even more small and medium-sized enterprises (SMEs) across the UK.
The move follows a first funding round of £37.4 million in 2017 and takes British Business Bank's total funding commitment to £99.8 million.
This is in addition to £6.6 million of mezzanine funding provided in 2017 by British Business Investments - a commercial subsidiary of the bank.
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The latest finance round will aid Shire Leasing in delivering more than £150 million to help SMEs with cash flow, recovery, growth and investment plans.
Helen Lumb, chief financial officer of Shire Leasing, said: "Our partnership with British Business Bank allows us to grow and diversify our funding base.
"Our journey to achieve this increased facility shows, even during times of calamity, that Shire are continuously working with our strategic partners to make alternative lines of finance more readily available for businesses.
"This latest credit line under the ENABLE Funding programme comes at a vital time for our economy, enhancing our ability to support UK SMEs across all business sectors in accessing the finance required to recover, thrive, and grow affordably."
Since the pandemic, Shire has secured finance for more than 750 deals across numerous sectors in the West Midlands including hospitality, security telecommunications, health and beauty and commercial vehicles.
Shire's annual funding delivered in the West Midlands region has increased by 45 per cent compared to the same period in 2019-2020. It has also provided loans via the Coronavirus Business Interruption Loan Scheme (CBILS) and Recovery Loan Scheme (RLS).
Launched in 2014, the ENABLE Funding programme supports the British Business Bank's objective to diversify finance markets for smaller UK businesses.
Dr Sophie Dale-Black, Midlands UK network director at the British Business Bank, said: "By partnering with alternative and non-bank lenders, like Shire Leasing, we can give smaller businesses in the Midlands access to the asset and lease finance they need.
"The British Business Bank remains committed to creating a more diverse finance market, and we look forward to continuing to work with Shire Leasing and other non-banks to help provide more funding options to smaller businesses across the Midlands and wider UK."
