The British Business Bank has agreed a transaction of up to £300m with Close Brothers under its ENABLE Guarantees programme, in a move designed to increase lending capacity for UK smaller businesses.
Announced on 18th August 2025, the deal will support a portfolio within Close Brothers Asset Finance, covering hire purchase, sale and hire purchase back, and leasing facilities.
These forms of asset finance play a key role in enabling SMEs to invest in critical business equipment and support their growth ambitions.
Asset finance reached a record £23.5bn in the UK during 2024, with the Finance & Leasing Association estimating that it accounted for one-third of all UK investment in vehicles, machinery, and equipment during the year.
The British Business Bank said the transaction is part of its ongoing efforts to stimulate additional lending to smaller businesses, especially during challenging economic periods.
The ENABLE Guarantees programme provides government-backed guarantees to participating lenders, incentivising additional finance to SMEs through portfolios of eligible debt finance.
Michael Strevens, Managing Director, Structured Financial Institutions at the British Business Bank, said: “Close Brothers is a trusted and long-standing finance provider to thousands of UK smaller businesses.
“This transaction reflects both institutions’ commitment to ensuring small businesses continue to access the finance they need — especially in tougher times.
“We’re pleased to support this deal that helps Close Brothers to provide even greater support to smaller businesses across the UK.”
Matt Roper, CEO of Close Brothers Commercial, added: “We are a proud supporter of the UK’s SME community and are delighted to be participating in the ENABLE Guarantees programme, in partnership with the British Business Bank.
“Close Brothers Commercial – which our asset finance business is a key part of – provides almost £5bn of lending to business owners, with loan sizes ranging from £5k to £100m; the ENABLE programme will allow us to support a larger number of firms as they look to invest in their future.”
The ENABLE Guarantees programme is open to UK banks, UK branches of foreign banks, and various asset and asset-based finance providers lending to viable small and medium-sized businesses operating in the UK.
