British Business Bank enhanced Propel’s ENABLE funding facility of SMEs
By Joy Dumasia
Propel, one of the UK’s growing independent asset finance providers, announced two further financing tranches from the British Business Bank to add to its existing ENABLE Funding facility. The entire facility will allow more than £216m of finance to be provided to SMEs across the UK.
This is now one of the most extensive facilities under the Bank’s ENABLE Funding programme, aiming to improve the supply of finance solutions for business-critical assets to smaller UK businesses.
Propel provides fast, flexible, and accessible asset finance to SMEs across the UK. Currently supporting approximately 40,000 customers, Propel provides hire purchase, leasing and refinancing support on equipment purchases from a few thousand pounds to more than £2m.
ENABLE Funding programme supports the Bank’s objective to diversify finance markets for smaller UK businesses. Providers of finance to SMEs often lack the scale required to access capital markets – a key source of funding for lending institutions – in a cost-efficient manner.
Mark Catton, CEO of Propel, said: “We’re proud to work with the British Business Bank to help support UK businesses across all equipment types. Our partnerships gives us reach into all sectors of the economy and all types of businesses. The ENABLE Funding programme helps us translate that reach into fast and accessible finance for SMEs wanting to invest and grow”.
Recently, IBS Intelligence reported that Manchester-based startup Orka today announced that it had secured €33.5 million from Sonovate, the British Business Bank Future Fund, and existing investors, including former UK CEO of Adecco Peter Searle. The company will use the funding to drive further UK expansion, double headcount to 50 in 2021, and fuel the rapid growth of its earned wage access product Orka Pay.
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