British Business Investments has so far committed over £3.8bn to finance providers. Credit: GamePixel / Shutterstock.

British Business Investments has made a £15m ($20m) uplift to its facility with asset financing company Liberty Leasing.

This move increases the total facility to £30m, enhancing finance accessibility for smaller businesses in various key sectors.

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Liberty Leasing finance director Alan Cooper said: “The £15m extension of the British Business Investments facility is an exciting opportunity for us to develop our existing customer base by providing much-needed access to asset finance for UK smaller businesses.

“Demand from smaller businesses continues to grow and Liberty Leasing is proud to be a leader in supporting their financing needs.”

The additional funding will bolster Liberty Leasing’s capacity to support smaller businesses in the construction, engineering, transport, agriculture, and printing sectors.

This aligns with British Business Investments’ goal of facilitating alternative finance options across the UK and promoting the switch to a net-zero economy.

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British Business Investments managing director Adam Kelly said: “Independent operators like Liberty Leasing help diversify the UK’s smaller business finance market and provide more choice for businesses. Our investment will help smaller businesses across the UK to get funding for assets they need to continue their growth.”

Since its inception in 2014, British Business Investments has committed more than £3.8bn to finance providers that serve UK smaller businesses.

British Business Investments intends to improve access to alternative finance for smaller businesses in the UK.

The British Business Bank subsidiary focuses on fostering economic growth by ensuring that such businesses have more diverse funding options.

Southampton-based Liberty Leasing is engaged in providing financial services, including asset finance, refinancing, and lease purchasing, among others.