The British Business Bank (BBB) has accredited Aldermore under the Enterprise Finance Guarantee (EFG) scheme, which backs finance-seeking SMEs with a credit guarantee.

Aldermore is the second lessor to be accredited in the EFG’s asset finance variant, next to Hitachi Capital UK, since the EFG’s first opened to the asset finance sector in 2016.

Guarantees from the EFG cover up to 75% of outstanding debt on facilities. The offer will initially be implemented by Aldermore through selected introducers, before being fully rolled out across the broker network in coming months.

Aldermore said it planned to “join other variants of the scheme in the near future.”

Lessors accredited under the general EFG scheme for business lending include Santander Corporate and Commercial, HSBC, ABN Amro Commercial Finance, Barclays, Hitachi Capital UK, Metro Bank, the Clydesdale and Yorkshire banking group and Business Finance Solutions.

Carl D’Ammassa, group managing director for business finance at Aldermore, said: “We are delighted to be working with the British Business Bank as one of the early participants in EFG for asset finance.

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“Through our partners, we are confident we’ll be able to support more businesses than ever before, building on our credentials as arguably the funder of choice for brokers looking to fund assets of all shapes and sizes.

“This is a great opportunity to help businesses unlock their potential by giving them access to the finance they need to support their growth ambitions.”

Bernie Skivington, director for guarantee and wholesale solutions at the British Business Bank, said: “The British Business Bank is committed to helping UK smaller businesses who have the potential to succeed to access the finance they need to grow.

“The asset finance variant of our successful Enterprise Finance Guarantee (EFG) programme was launched in October last year.

“Aldermore Bank is the second accredited lender announced for the new variant, and we are delighted it will enable more of its smaller business customers to make critical investments in business assets through leasing or hire purchase.”