Bank announces £99.8m commitment to Shire Leasing
The British Business Bank has increased Shire Leasing’s ENABLE Funding commitment to £99.8m, improving the supply of finance to smaller companies for business–critical assets.
The Tamworth-based independent funder has been provided with a further £62.4m commitment under the ENABLE Funding programme. This follows a first round of funding of £37.4m in 2017 – bringing the overall amount of money under the programme awarded to £99.8m.
Alongside £6.6m of mezzanine funding provided in 2017 by British Business Investments, a commercial subsidiary of the bank, it brings the total support provided to Shire to £106.4m.
The financing will aid Shire Leasing in delivering in excess of £150m to help smaller businesses 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. Sectors supported include hospitality, security telecommunications, health and beauty and commercial vehicles.
Shire’s annual funding delivered in the West Midlands region has increased by 45% compared to the same period in 2019-2020. Shire has also provided loans via the Coronavirus Business Interruption Loan Scheme (CBILS) and Recovery Loan Scheme (RLS) following its accreditation as a lender by the British Business Bank.
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.”
