Henry Howard Finance has extended its block discounting facility with Hampshire Trust Bank from £5m (£6.39m) to £8m.

Henry Howard Finance will use the funds for onward lending to its customer base of UK SMEs.

Through its block discounting division, Hampshire Trust Bank offers funding directly to independent finance houses that want to use their loan book as security to fund the development of their business.

Andrew Dearden, director of block discounting at Hampshire Trust Bank, said: "Henry Howard Finance is a leading independent finance house in Wales. We are delighted to be working with them and to have extended our funding line, helping them grow their business by providing more onward lending to UK SMEs."

Last month, Henry Howard Finance agreed a £51m (€67.07m) asset finance facility under the British Business Bank’s ‘Enable Funding’ programme.