Kingsway Finance, a part of Praetura Group’s lending division, has announced a new £10m block discounting funding facility from British Business Investments. This facility aims to address the challenge of access to finance for small businesses and support SME growth across the UK.
This announcement comes after Praetura Lending Division’s record figures for the second consecutive year in 2022, with the combined loan book growing to over £330m. Kingsway Finance also received formal accreditation as a lender for the new iteration of the Government-backed Recovery Loan Scheme (RLS) by the British Business Bank in February.
Based in the North-West, Praetura Group’s lending division supports clients across various industry sectors with SME funding solutions ranging from £5,000 to £25m. British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, has committed over £3.3bn to providers of finance to UK smaller businesses since 2014.
Paul Bradbury, commercial director of Kingsway Finance, said: “This new funding facility from British Business Investments will enable more brokers and their SME clients to benefit not only from the funding we offer but the exemplary service levels that we pride ourselves on providing.”
Peadar O’Reilly, CEO of Praetura Group’s lending division, commented: “This new facility with British Business Investments will help more brokers, advisers and their SME client fulfil their potential.”
Judith Hartley, CEO of British Business Investments, added: “We look forward to continuing to work with Kingsway to help smaller businesses across the UK get funding for the assets they need to grow.”
