British Business Bank (BBB) has increased its financing to UK-based independent asset finance provider Simply Asset Finance by £175m ($222.7m).

The additional funding forms part of the BBB’s Enable Funding programme, which includes refinancing a portion through private securitisations.

The expanded facility will allow Simply Asset Finance to offer more than £175m in financing to small businesses across the country.

This financing is part of a larger transaction intended to provide approximately £0.7bn to UK businesses.

Simply Asset Finance CFO Stefan Wolvaardt said: “There remains huge potential in the small and medium-sized business market, so the increased ENABLE Funding commitment will be a vital tool for us to help unlock growth for those firms across the country that need it most.”

Since joining the Enable Funding programme in December 2017, Simply Asset Finance has increased its asset finance portfolio.

Through five rounds of financing, the company has channelled more than £300m to smaller UK businesses.

BBB products co-chief banking officer Reinald de Monchy said: “Completing this increased ENABLE Funding commitment to Simply Asset Finance will unlock significant capital for smaller businesses.

“Importantly, the partial refinancing of Simply’s facility will bring in private sector funding for their existing book and allow us to continue to provide Simply with new funding to support smaller business investment and growth.”

Initiated in 2014, the ENABLE Funding programme aligns with the BBB’s plan to enhance access to finance for smaller businesses.

Founded in April 2017, Simply Asset Finance is engaged in providing small and medium-sized businesses with the means to acquire equipment and manage cash flow, offering products ranging from hire purchasing to refinancing options.