Asset Advantage has signed a £50m (€58.6m) committed finance facility with Frankfurt-based Commerzank to fund UK small and medium-sized enterprises (SMEs).

The facility will be backed by a first-demand guarantee from the European Investment Fund (EIF), and Asset Advantage hopes it will allow them to extend asset financing to new and existing SME customers.

Jonathan Eddy, managing director of Asset Advantage, said: “We are pleased to have concluded this financing facility with Commerzbank and EIF, whose aspirations are aligned with our own.

“It will enable us to continue to grow our lending book by providing additional funding in the SME market within the UK.”