British Business Investments, a commercial subsidiary of the British Business Bank, has announced a new commitment to Compass Business Finance enabling an increased flow of asset finance products into UK-based smaller businesses in the print, packaging and manufacturing sectors.
The commitment amounts to £15m of block discounting funding. It will provide the specialist lender with funding for smaller and medium-sized businesses over the next three to five years, and allow it to continue its own growth trajectory.
Judith Hartley, CEO, British Business Investments, commented, ‘British Business Investments supports independent operators in the asset finance sector by providing additional funding and widening the choice of finance options that smaller businesses across the UK can access on the market. We look forward to working with Compass Business Finance Ltd over the next five years to help those businesses get the finance they need.’
Mark Nelson, director of Compass Business Finance, added, ‘The commitment from British Business Investments, will enable us to meet the growing demand for funding in our markets, including the provision of CBILS and other asset-based finance. Having the ability to support our customers and maintain our high service levels is paramount, and this partnership gives us the confidence to know that we can continue provide that.’
Compass Business Finance has been partnering with the British Business Bank for several years and has participated in several initiatives designed to support UK businesses, including Regional Growth Funds, the Enterprise Finance Guarantee and currently, the Coronavirus Business Interruption Loan Scheme (CBILS).
