Newport-based independent lender Henry Howard Finance has agreed a £51m 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 more than 20 years and last year it saw its lending grow to more than £70m from £40m. It aims to continue its expansion throughout 2016.
One firm benefitting from HHF’s asset finance solution is Caldicot Fleet Maintenance Recovery, which 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 six trucks in 2011.
See more at: http://www.southwalesargus.co.uk/news/14518434.Henry_Howard_Finance_agrees___51m_facility_with_British_Business_Bank_to_increase_provision_of_asset_finance_for_smaller_businesses/?ref=arc