British Business Investments, a commercial subsidiary of the British Business Bank, has announced an additional £15m commitment to Compass Business Finance, taking its total commitment to £30m. This will increase the flow of funding for asset finance products into UK-based smaller businesses operating in the print, packaging and manufacturing sectors.
It will also provide this specialist lender with additional funding for smaller and medium-sized businesses requiring business critical equipment finance over the next three to five years and contribute to Compass Business Finance’s own growth trajectory whilst supporting underserved businesses as they recover from the Covid-19 pandemic.
Judith Hartley, CEO, British Business Investments, said: “British Business Investments continues to support independent operators in the asset finance sector. This increased commitment to Compass Business Finance helps to diversify the finance market and provide more choice for companies across the UK. We are happy to continue working with Compass Business Finance over the next five years, to help those UK companies get the finance they need.”
Mark Nelson, director, Compass Business Finance, added: “The increased commitment from British Business Investments will enable us to further support the demand for funding across our core markets. It is encouraging to see businesses seeking finance for investment and growth, and to continue our provision of funding support in a simple and straight-forward manner.”