The British Business Bank today announces that Genesis Asset Finance has become an accredited lender under the Asset Finance variant of the Bank’s Enterprise Finance Guarantee programme.
Glossop-based, family owned and managed Genesis provide hire purchase and lease finance. Focussing on helping smaller businesses underserved by banks and traditional lenders, it has lent £10m of funding since 2000.
The Enterprise Finance Guarantee provides lenders with a Government-backed guarantee for up to 75% of the outstanding balance of eligible facilities, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. It supports facilities of between £1,000 and £1.2m to smaller businesses that are viable but unable to obtain finance from their lender due to having inadequate security to meet the lender’s normal credit requirements.
Jim McAuley, Director, Guarantee and Wholesale Solutions at British Business Bank said:
“The British Business Bank is committed to helping smaller UK businesses access the finance they need to realise their potential. Accrediting Genesis under the Asset Finance variant of the Bank’s Enterprise Finance Guarantee will enable them to support more smaller businesses that are working successfully, but which might otherwise struggle to acquire business critical equipment or machinery that can boost their growth.”
Andrew Frost, Director, Genesis Asset Finance, said:
“As a small lender we aim to go the extra mile to support the UK’s small businesses, including meeting every customer in person. Accreditation under the Enterprise Finance Guarantee programme enables us to extend our support even further, assisting more small businesses access the finance they need.”
Since its launch in 2009, the Enterprise Finance Guarantee has supported smaller businesses with the provision of over 31,000 loans and other facilities totalling more than £3.3bn.