British Business Investments (BBI), a commercial subsidiary of the British Business Bank, has announced a £25 million commitment to asset finance specialist, Blackburn-based Haydock Finance Ltd.
The three-year funding commitment is structured as a block discounting facility and will help Haydock continue to grow its asset finance division, providing hire-purchase, leasing and refinance for business assets to smaller businesses wanting to invest and grow.
Haydock specialises in financing physical assets and throughout the pandemic has continued to support a wide range of sectors with a full suite of solutions.
As well as hire purchase and leasing, these have also extended to multiple asset refinancing and finance provision for new and used assets in a variety of traditional and specialist markets.
The £25m commitment has been provided through BBI’s investment programme, which is designed to increase the supply and diversity of finance for smaller businesses by boosting the lending capacity of challenger banks and non-bank lenders.
Launched in 2013, the investment programme has made £293m of asset and invoice finance commitments since inception.
Judith Hartley, chief executive of British Business Investments, said: “Our ongoing relationship with Haydock demonstrates British Business Investments’ continued commitment to increasing the diversity of supply of business finance to support smaller businesses across the UK.
“Supporting specialist lenders such as Haydock helps diversify the finance market and contributes to more choices for UK smaller businesses when they look to acquire business-critical equipment using asset finance.”
Andy Taylor, sales director at Haydock Finance, said: “We are delighted to continue our strong relationship with the British Business Bank. The commitment from them will help to underpin our plans for growth in 2021.
“We are very happy with the facility which will help Haydock continue to support the British SME community with their investment plans in plant, vehicles and equipment.”
Haydock Finance has been partnering with the British Business Bank for several years, participating in several initiatives designed to support UK businesses, including the Enterprise Finance Guarantee, and is currently accredited under the Coronavirus Business Interruption Loan Scheme (CBILS).
The £25m facility follows a previous commitment made to Haydock by British Business Investments in February 2016.