May 28 2016.

Independent lender Henry Howard Finance announced this week that it has agreed a £51 million asset finance facility under the British Business Bank’s ENABLE Funding programme. The facility, which is 50 per cent guaranteed by the European Investment Fund, will allow Henry Howard to extend its asset finance funding to a larger portfolio of smaller UK businesses.

Henry Howard, backed by investor Cabot Square Capital and based in Newport, is the first South Wales-based lender to become a partner of the British Business Bank. It has been providing finance to small businesses for over 20 years and last year it saw its lending grow to more than £70 million from £40 million. It aims to continue its expansion throughout 2016.

One firm benefitting from HHF’s asset finance solution is Caldicot Fleet Maintenance Recovery, who over five years tripled in size following the purchase of a number of new vehicles made possible by HHF’s support. It now has 50 heavy and light recovery vehicles up from just 6 trucks in 2011.

The British Business Bank is currently supporting over 1,100 businesses across Wales with over £110m of finance. The delivery of this facility through the ENABLE Funding programme will continue to build on past successes and help businesses across England, Northern Ireland, Scotland and Wales to scale up and grow.

Business Secretary Sajid Javid said: “Every growing business needs to invest in the right tools to get the job done, whether that’s upgraded laptops or new delivery trucks.

“This £51 million facility backed by the British Business Bank’s ENABLE Funding programme and the EIF will allow small firms to get new equipment without taking a big hit to their cashflow. This means they can continue to grow, create jobs and benefit local communities across Wales and the rest of the UK.”

Mark Crook, Co-founder and Chief Operating Officer at Henry Howard Finance, said: “We are delighted to be working with the British Business Bank to boost much needed funding for SME asset procurement.

“Access to asset finance is a major barrier to growth for many small businesses. We hope the new facility will remove this barrier and allow more SMEs to grow and prosper.”

The ENABLE Funding programme is delivered by British Business Bank Financial Services Limited – a subsidiary of British Business Bank plc – on behalf of the Department for Business, Innovation and Skills.

For further information visit: http://british-business-bank.co.uk/