Commercial subsidiary of the British Business Bank, British Business Investments has announced a new £15m Tier 2 capital facility to PCF Bank.
PCF Bank has a history of being a specialist financier of vehicles, plant and equipment. They established in 1994 and launched banking services in 2017.
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Catherine Lewis La Torre, chief executive of British Business Investments, said: “This commitment to PCF Bank supports British Business Investments’ objective to increase the diversity of supply of business finance. Banks like PCF help diversify the finance market, and in turn contribute to more choices for smaller businesses across the UK.”
They have helped more than 18,000 customers with purchasing business critical assets for their businesses.
The facility will allow the bank to draw on additional capital as required and utilise it in an efficient and earnings enhancing manner as the business grows.
The investment could support an additional £125m of asset-based lending to UK smaller businesses.
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By GlobalDataScott Maybury, chief exeutive of PCF Bank, said: “PCF has been helping UK SMEs purchase the assets they need for over 20 years. Since launching as a bank in 2017 we have been able to increase the size of our lending book driving profitability in a sustainable way. This facility from British Business Investments will allow us to continue to grow and support the UK private sector.”
In August the British Business Bank announced Genesis asset finance became accredited under their Enterprise Finance Guarantee programme.
Genesis provides hire purchase and lease finance, focusing on helping smaller businesses who are potentially being underserved by banks and traditional lenders.
Since its launch in 2009, the Enterprise Finance Guarantee programme has supported smaller businesses with the provision of over 31,000 loans and other facilities totaling more than £3.3bn.
The British Business Bank has provided £222m in support of asset finance in 2018/9 according to its annual results.
