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British Business Bank ups Simply’s facility under its Enable Funding programme to £1380m with a third financing tranche of £60m

Monday June 17th, 2019

Simply, the non-bank lender that was set up in April 2017 in response to the need for disruption in the asset finance sector, today announced that it has received a third facility from the British Business Bank, which will provide another £60m of lending. Together, the three rounds of financing are expected to provide more than £180m of funding to smaller businesses. This is the Bank’s largest total facility under its ENABLE Funding programme, which aims to improve the supply of asset and lease finance to smaller UK businesses.united_kingdom

Now employing more than 85 people, Simply has supported over 2000 customers in the two years that it has been in existence. In this time, the business has evolved from start-up to established industry player and has made clear its commitment to bringing positive change to the market and its customers.

Reinald de Monchy, Managing Director, Guarantee and Wholesale of the British Business Bank, said: “It’s a measure of the success of the Simply business and of our relationship with Mike Randall and the team that the Bank has increased its funding through the ENABLE Funding programme. Since our relationship began in 2017, it is encouraging to see that Simply has continued to increase the amount of leasing and asset finance available to businesses to help them purchase equipment, free up working capital and invest in growth. The Bank remains committed to increasing the diversity of finance provision, allowing non-bank entrants like Simply to help provide even more funding options to smaller businesses around the UK.”

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