The British Business Bank (BBB) has committed a further £62.4m of financing to Shire Leasing under its ENABLE Funding programme, taking the total funding to £99.8m.

The injection of funds aims to improve the supply of finance solutions to smaller UK businesses for business-critical assets, including cash flow, recovery, growth and investment plans.

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Launched in 2014, the ENABLE Funding programme supports the bank’s objective to diversify finance markets for smaller UK businesses. Providers of finance to SMEs often lack the scale required to access capital markets – a key source of funding for lending institutions – in a cost-efficient manner, BBB said in a statement.

The ENABLE Funding programme warehouses newly-originated finance receivables from different originators, bringing them together into a new structure. Once the structure has sufficient scale, it will refinance a portion of its funding on the capital markets, helping small finance providers to tap into institutional investors’ funds.

Helen Lumb, chief financial officer of Shire Leasing, said: “Our partnership with British Business Bank allows us to grow and diversify our funding base. Our journey to achieve this increased facility shows, even during times of calamity, that Shire are continuously working with our strategic partners to make alternative lines of finance more readily available for businesses.

“This latest credit line under the ENABLE Funding programme comes at a vital time for our economy, enhancing our ability to support UK SMEs across all business sectors in accessing the finance required to recover, thrive, and grow affordably.”

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Reinald de Monchy, managing director, guarantee and wholesale solutions of the British Business Bank, added: “By partnering with alternative and non-bank lenders, like Shire Leasing, we can give smaller UK businesses access to the asset and lease finance they need. The Bank remains committed to its objective to create a more diverse finance market, and we look forward to continuing to work with Shire Leasing and other non-banks to help provide even more funding options to smaller businesses across the UK.”

Earlier this year, Shire Leasing marked its support for Clean Air Day (17 June) by identifying some of its current environmentally-friendly initiatives and future plans.