UK broker and lender Kennet Equipment Leasing – part of the STAR Asset Finance Group- entered into a £50m (70.1m) committed financing facility with Commerzbank and European Investment Fund (EIF).
The facility will enable Kennet and the STAR Asset Finance Group to extend their financing to existing and new customers, providing financing to SMEs in the UK.
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Steve Swift, managing director at Kennet, said: "For 25 years Kennet has been arranging financing for small and medium-sized companies. Today’s development marks another significant step in the development of Kennet as this facility provides us with the ability to significantly expand our lending activities to existing and new SME customers. We appreciate the trust that Commerzbank and EIF have put in Kennet and are looking forward to continue serving the UK community of small and medium-sized businesses."
George Passaris, head of securitisation at EIF, said: "EIF is the leading developer of risk financing for entrepreneurship and innovation across the EU with a strong focus on helping and supporting SMEs through their development stages. We are very pleased to have provided a guarantee and participated in the structuring of this highly innovative facility for Kennet which has a strong catalytic effect towards additional financing for UK SMEs."
Earlier this month, Kennet Leasing’s book reached £20m.
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