British Business Bank increases facility with Compass Business Finance to £45m
The facility will support the lender as it grows its loan book and provides funding to more small businesses.
The British Business Bank has extended its facility with Kent-based Compass Business Finance to up to £45m.
The latest transaction followed an initial £15m commitment in 2020, which increased to £30m in 2022.
The facility will support the lender as it grows its loan book and provides funding to more small businesses.
Michael Strevens, managing director, structured financial institutions solutions at the British Business Bank, said: “Completing this transaction with Compass Business Finance represents an important step in strengthening the flow of finance to smaller businesses across the country.
“This partnership will support more businesses to invest, grow and build resilience.
“Through this, we can ensure that smaller firms across all regions have access to the finance they need to drive productivity and contribute to a thriving local economy.”
Mark Nelson, co-founder and director at Compass Business Finance, said: “We are delighted to further strengthen our relationship with the British Business Bank.
“This is a significant facility that will increase our ability to support SMEs across the UK, enabling more businesses to access the funding they need to invest, grow and achieve their ambitions.
“It is an important step in supporting our continued growth while maintaining the service and flexibility our customers value.”
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