UK lessor Lombard has called on businesses to consider asset finance to fund investments and boost growth and said it has access to £20bn (€23.6bn) in additional funding to lend.

The Royal Bank of Scotland subsidiary has access to £20bn in surplus deposits through its parent bank and, as explained by recently-appointed managing director Richard Hemsley, with the economy showing signs of "improvement", now is the time for UK firms to look to asset finance.

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Hemsley pointed to Lombard research from earlier in the year which reported businesses were putting off investment in assets, resulting in lost orders totalling £5.4bn.

"The UK cannot afford to sit back at this point in the recovery – there are many opportunities for businesses to capitalise and we believe that in order to do this, they should be operating with the most up to date kit," said Hemsley.

"If the UK is to build a sustainable and secure economy, and to establish a competitive position in the global marketplace, it is essential that businesses recognise the important role that investment will play in delivering these objectives."

He added businesses should look at all types of finance to "create a portfolio of finance solutions that is best suited to their requirements" and encouraged firms to consider asset finance as a part of that portfolio.

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"It is a form of funding that is highly suited to capital intensive businesses and offers benefits not necessarily provided through other forms of lending."

Hemsley said Lombard currently approves 9-out-of-10 finance applications and saw business increase year-on-year in several sectors: up 17% in production machinery, 8% in light commercial vehicles and 6% in passenger cars.