Simply Asset Finance has received a £20m block discounting package from specialist bank Aldermore to drive its future growth.
The facility will help Simply Asset Finance to increase the supply of leasing and asset finance it provides to small and medium-sized enterprises in the UK.
Mike Randall, CEO of Simply Asset Finance, said: “Non-bank lenders are taking an ever-increasing share of the SME finance sector and block discounting is an important part of this.
“SME growth has a significant impact on the UK economy and the package that the experienced and specialist team at Aldermore has provided us with will enable us to further support those businesses that are vital to the country’s prosperity.”
Simply Asset Finance was founded in April 2017 by a team of industry specialists with more than 200 years’ combined experience, with backing from Cabot Square Capital.
It provides a range of finance options including hire purchase, finance leases and refinance and has already arranged more than £35m of financing in sectors including manufacturing, construction, transport and recycling.
Hywel Prewett, business development manager at Aldermore, said: “To date we have extended over £240 million in block discounting facilities to the market and we are delighted to be able to provide this significant amount to Simply Asset Finance’s lending operations, which will in turn broaden our reach to a wider range of businesses across the country.
“Simply Asset Finance’s business culture is very similar to Aldermore’s and because of this fit, we look forward to this being a long and successful relationship.”