Kingsway Finance, part of Praetura Group’s lending division, has announced a new £10m block discounting funding facility from British Business Investments.
According to the British Business Bank’s Small Business Finance Markets Report, access to finance is one of the most significant challenges smaller businesses face in developing and expanding their business.
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This new £10m facility from British Business Investments will enable Kingsway Finance to increase its funding capacity to small and medium-sized businesses across the UK.
This news follows record figures across the whole of the Praetura Lending Division in 2022, for the second consecutive year. The division’s combined loan book has grown to more than £330m, with ambitions to increase that significantly in 2023.
Kingsway Finance also announced its formal accreditation as a lender for the new iteration of the government-backed Recovery Loan Scheme (RLS) by the British Business Bank in February this year.
Based in the North-West, Praetura Group’s lending division, which includes Praetura Asset Finance, Kingsway Finance, Praetura Commercial Finance, Praetura Invoice Finance and Zodeq, supports clients across several industry sectors with a range of SME funding solutions ranging from £5,000 to £25m.
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By GlobalDataBritish Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers.
Since it was established in 2014, British Business Investments has committed more than £3.3 billion to providers of finance to UK smaller businesses.
Paul Bradbury, commercial director of Kingsway Finance, said: “Over recent years at Kingsway Finance we have seen the range of businesses our funding has been able to assist significantly increase. This new funding facility from British Business Investments will enable that trajectory to continue, so that more brokers and their SME clients can benefit not only from the funding we offer, but the exemplary service levels that we pride ourselves on providing.”
Peadar O’Reilly, CEO of Praetura Group’s lending division, said: “SMEs need funding on the right terms and at the right time, delivered by lenders who will ensure the needs of each individual business are prioritised. This new facility with British Business Investments will help more brokers, advisers and their SME clients fulfil their potential.
Judith Hartley, CEO, British Business Investments, said: “This £10m block discounting agreement with Kingsway Finance supports British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses in the UK. Independent operators like Kingsway Finance help diversify the UK’s smaller business finance markets and provide more choices for businesses.
“We look forward to continuing to work with Kingsway to help smaller businesses across the UK get funding for the assets they need to grow.”
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