British Business Investments has announced a £15m uplift to its existing facility with specialist asset finance firm, Liberty Leasing.

The transaction, which has increased the £15m facility made to Liberty Leasing in 2021 to a total £30m, will improve access to finance for smaller businesses in the construction, engineering, transport, agriculture, and printing sectors.

British Business Investments is a wholly owned commercial subsidiary of the British Business Bank and aims to improve access to alternative finance for smaller businesses across the UK.

Since it was established in 2014, British Business Investments has committed more than £3.8bn to providers of finance to smaller businesses.

“Independent operators like Liberty Leasing help diversify the UK’s smaller business finance market and provide more choice for businesses,” said managing director at British Business Investments, Adam Kelly. “Our investment will help smaller businesses across the UK to get funding for assets they need to continue their growth.”

In April, Southampton-based Liberty Leasing announced that it would begin to operate under an employee ownership trust, allowing its staff to influence the company’s future direction without having to directly own or buy shares.

Sectors supported by the company are comprised of UK smaller businesses which operate within the £500,000 to £25m turnover space.

Finance director at Liberty Leasing, Alan Cooper, added: “The £15m extension of the British Business Investments facility is an exciting opportunity for us to develop our existing customer base by providing much needed access to asset finance for UK smaller businesses.

“Demand from smaller businesses continues to grow and Liberty Leasing is proud to be a leader in supporting their financing needs.”