British Business Investments, a unit of the British Business Bank, has extended a £15m finance facility to Catfoss Finance.
With the transaction set up as a block discounting agreement, Catfoss will be able to support smaller companies seeking to grow faster by supporting the acquisition of vital assets.
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Based in Driffield, East Yorkshire, Catfoss has been catering to the UK small and medium-sized enterprises (SMEs) since being set up in 2001.
It provides a variety of funding options so that UK companies can finance expansion by investing in new machinery or releasing equity from owned properties.
Earlier this month, British Business Investments extended a similar £15m facility to Performance Finance, which offers financial solutions to professionals, such as dentists, solicitors, opticians, surgeons, and vets.
British Business Investments, which began operations in 2014, has provided over £3.8bn to companies that fund smaller enterprises in the UK.
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By GlobalDataBritish Business Investments managing director Adam Kelly said: “This £15m facility to Catfoss supports British Business Investments’ mission to improve access to alternative finance for smaller businesses across the whole of the UK.
“Independent operators like Catfoss help diversify the UK’s smaller business finance market, providing more choice. We look forward to working with Catfoss to help smaller businesses get funding for the assets they need to continue their growth journey.”
Catfoss Finance managing director Matthew Tate said: “We are very proud to partner with British Business Investments. This facility enables Catfoss to further increase its lending to the UK SME marketplace and continue to give businesses the credit they deserve. We know our business and we will get to know our customers, so together we can create a strong, long-term partnership.”
Last month, British Business Bank launched the Northern Powerhouse Investment Fund II (NPIF II).
The goal of the £660m NPIF II fund is to provide capital to enterprises that might otherwise find it difficult to get investment by expanding the quantity and variety of early-stage financing available to smaller businesses in the North.
