The British Business Bank has increased its ENABLE Funding commitment to Simply Asset Finance, enabling the firm to provide over £175m in finance for smaller UK businesses.

This facility was part of a larger transaction that aims to deliver around £0.7bn in funding to smaller businesses across the country.

Simply Asset Finance, established in April 2017, offers funding to small and medium-sized (SME) businesses to assist with equipment purchases, free up working capital, and support growth through various products, including hire purchase, leasing, and refinancing, ranging from a few thousand pounds to over £1m.

Since its inception, Simply has supported more than 9,000 customers and employed more than 160 people.

The firm has participated in the ENABLE Funding programme since December 2017, providing more than £300m in funding to smaller businesses over five rounds of financing.

Reinald de Monchy, co-chief banking officer, products at British Business Bank, said: “Completing this increased ENABLE Funding commitment to Simply Asset Finance will unlock significant capital for smaller businesses.

“Importantly, the partial refinancing of Simply’s facility will bring in private sector funding for their existing book and allow us to continue to provide Simply with new funding to support smaller business investment and growth.”

Stefan Wolvaardt, chief financial officer at Simply Asset Finance, said: “There remains huge potential in the small and medium-sized business market, so the increased ENABLE Funding commitment will be a vital tool for us to help unlock growth for those firms across the country that need it most.

“At the core of our business is a commitment to supporting the sustainable growth of businesses across the UK, so we’re incredibly pleased to continue working with the British Business Bank to deliver this vital funding stream.”