The British Business Bank (BBB) has entered an agreement with 4Syte to provide an ENABLE Guarantee, supporting up to £100m ($117.4m) facility.
This agreement is expected to enhance 4Syte’s capacity to extend invoice finance and asset-based lending to smaller businesses across the UK.
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The ENABLE Guarantees programme aims to support lenders to increase their financing to smaller enterprises by reducing the capital required for such lending.
The UK Government, under this scheme, shares a portion of the lending risk, in return for a fee, to promote debt finance to SMEs.
British Business Bank Structured Financial Institution Solutions managing director Michael Strevens said: “Working with a new delivery partner in 4Syte and alongside an established funder like NatWest demonstrates our commitment to increasing the diversity of providers in the wider lender market, supporting them at whatever stage of their journey they are on.”
Funding for this initiative, provided by NatWest Bank, is partially guaranteed by the British Business Bank, which is anticipated to double 4Syte’s existing funding facility.
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By GlobalData4Syte is an independent invoice finance provider in Chelmsford, Essex, and has additional offices in London, Leeds, and Banbury.
Established in 2016, the company provides a range of financial services, including construction finance, trade finance, and asset-based and secured lending to support SMEs in their growth and financial management.
4Syte Group managing director Nick Sellars said: “This facility demonstrates the commitment of the British Business Bank, NatWest and 4Syte to the SME sector and its vital role in driving growth across the UK. We are delighted to have the opportunity to work alongside such esteemed institutions, and we look forward to continuing our service-led offering to support and inspire UK businesses.”
Last month, the British Business Bank agreed to provide Close Brothers with up to £300m under the ENABLE Guarantees programme.
The funds from this deal will support Close Brothers’ asset finance portfolio, which offers hire purchase, sale and hire purchase back, and leasing options.
