UK asset finance company Praetura Asset Finance has secured £15m (20.4m) funding from the Royal Bank of Scotland (RBS).
Through the three-year facility, Praetura aims to finance the expansion of its lending portfolio.
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Praetura Asset Finance, which entered the market in January 2014, provides loans to SMEs including hire purchase, refinance and leasing facilities.
Mike Hartley, managing director at Praetura Asset Finance, said: "This is a significant transaction for us and will provide a solid platform to accelerate our lending book to £100m.
"There is a huge appetite for our facilities as SMEs look to capitalise on a prospering economy by accessing the finance needed to help them expand. The £15m funding from Royal Bank of Scotland, in addition to our recent £12.5m cash injection from Praetura Capital LLP, will create further capacity for us to service new clients and continue expanding our geographical reach."
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By GlobalData
