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British Business Bank launches new ENABLE programme

The British Business Bank has this week unveiled its new ENABLE Guarantee programme, which is designed to incentivise participating banks to lend more to smaller businesses by reducing the capital they need to hold to support such lending.

The scheme’s first transaction, with Clydesdale and Yorkshire Banks, is forecast to provide £125m of new lending to new and growing companies.

Up to £50m will be set aside for products and industries the banks have not previously covered such as cash flow lending for small firms, automotive tooling finance and renewables finance.

A recent British Business Bank report claims it is working with up to 80 partners across the UK to help small businesses gain access to funding.

Almost three-quarters (70 per cent) of the funding it has secured for SMEs to date has been delivered by banks outside the ‘big four’.

Keith Morgan, CEO of the British Business Bank, is encouraged by the “scaling up” of the nation’s efforts to underpin growing SMEs.

“Our ENABLE programme represents a significant scaling up of our firepower in making finance markets work better,” said Morgan.

“The funding unlocked by the programme will make a real difference to smaller UK businesses.

“We welcome the additional lending and choice of products that Clydesdale and Yorkshire Banks will bring to the market under this first transaction.”

Vince Cable, secretary of state for Business, Innovation and Skills, added: “I set up the British Business Bank to give small businesses access to alternative finance schemes that were badly needed.

“It is delivering and is supporting £1.8 billion of finance to over 43,000 smaller businesses.

“This new guarantee programme will make it easier for challenger banks to lend to small businesses and help to accelerate the transformation of UK banking into a more dynamic and competitive marketplace.”

Image: Bisgovuk

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