Independent lender Henry Howard Finance has agreed a £51m (€67.07m) asset finance facility under the British Business Bank’s ‘Enable Funding’ programme.

The facility, which is 50% guaranteed by the European Investment Fund (EIF), will allow Henry Howard to extend its asset finance funding to a larger portfolio of smaller UK businesses.

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Henry Howard, backed by investor Cabot Square Capital and based in Newport, has been providing finance to small businesses for over 20 years and last year it saw its lending grow from £40m to more than £70m. It aims to continue its expansion throughout 2016.

The British Business Bank is currently supporting over 1,100 businesses across Wales with over £110m of finance. Investments by the BBB as part of ‘Enable Funding’ have included £25m for Haydock Finance and £51m for LDF in February 2016.

Business Secretary Sajid Javid said: "Every growing business needs to invest in the right tools to get the job done, whether that’s upgraded laptops or new delivery trucks.

"This £51m facility backed by the British Business Bank’s ‘Enable Funding’ programme and the EIF will allow small firms to get new equipment without taking a big hit to their cashflow. This means they can continue to grow, create jobs and benefit local communities across Wales and the rest of the UK."

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Mark Crook, co-founder and chief operating officer at Henry Howard Finance, said: "We are delighted to be working with the British Business Bank to boost much needed funding for SME asset procurement.

"Access to asset finance is a major barrier to growth for many small businesses. We hope the new facility will remove this barrier and allow more SMEs to grow and prosper."

The Enable Funding programme is delivered by the British Business Bank on behalf of the UK government’s Department for Business, Innovation and Skills.