FLA welcomes £51m of funding for asset finance from the British Business Bank’s ENABLE Funding Programme

The Finance & Leasing Association (FLA) has welcomed the latest tranche of funding from the British Business Bank’s (BBB) ENABLE Funding Programme, which aims to increase the supply of asset finance to small businesses.

The £51m facility made available to LDF, a non-bank finance provider, follows a £100 million facility provided to Hitachi Capital in October 2015 – both awards demonstrating the BBB’s commitment to ensuring that small businesses have access to funding for vitally important capital investment.

Simon Goldie, Head of Asset Finance at the Finance & Leasing Association (FLA), said:

“This is great news. The British Business Bank is playing an important role in supporting FLA members in targetting the funding where it is needed most.”

Notes to editors

1. The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.
2. FLA members in the consumer finance sector include banks and their subsidiaries, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
3. In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £29 billion of finance was provided to businesses and the public sector.       FLA members financed almost 32% of UK investment in machinery, equipment and purchased software in the UK in 2015.