Aldermore has become an accredited provider under the British Business Bank’s Enterprise Finance Guarantee (EFG) programme.
The accreditation will enable the bank to increase its supply of asset finance to smaller businesses that are working successfully but struggling to obtain the finance they need for future growth.
The new offering will initially be offered through select introducers, before being rolled out across Aldermore’s broker network in the coming months.
Whilst Aldermore will only offer the asset finance element of the programme in the first instance, it has plans to join other variants of the scheme in the near future.
The EFG programme will provide Aldermore with a government-backed guarantee against eligible facilities, allowing it to broaden its reach to customers who are unable to secure funding due to insufficient security.
Carl D’Ammassa, group managing director, 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. 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. Small and medium-sized enterprises are the backbone of the UK economy and it is core to our mission at Aldermore that we do everything possible to help them succeed.”
Bernie Skivington, director, guarantee and wholesale solutions at British Business Bank, added: “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.”