Cambridge and Counties has secured £20 million of funding from an offshoot of the British Business Bank to increase the amount of lending it can give to small businesses.
The Leicester-based business bank has agreed the deal with British Business Investments, meaning it can provide more support to its business customers over and above levels it might have otherwise been able to provide.
British Business Investments was set up to increase the supply of cash available for smaller businesses across the 海角视频 by boosting the lending capacity of finance providers.
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Since it was established in 2014, it has committed more than £3.3 billion to providers of finance to 海角视频 smaller businesses.
The British Business Bank has been supporting Cambridge & Counties Bank since 2018, with a £100 million funding guarantee which was renewed in March 2023.
Cambridge & Counties Bank specialises in providing lending and deposit products for smaller businesses.
It was established in 2012 and lends to smaller businesses to invest in their own commercial premises, and to experienced commercial and residential property investors.
It also provides finance for smaller businesses to acquire essential assets such as equipment, plant, machinery, or vehicles, using hire purchase and finance lease facilities.
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Over the past decade, Cambridge & Counties Bank has grown into a significant competitor, passing the £1 billion deposits mark during 2021 and the £1 billion lending mark in early 2022.
Andrea Hodgson, chief financial officer at Cambridge & Counties, said they were grateful of their long-standing relationship with the British Business Bank.
She said: “When we were established in 2012, our aim was to create a responsible and competitive lender which had all the hallmarks of a traditional, customer-centric bank but one combined with the speed, efficiency, and innovation of a contemporary and agile institution.
“Last year, our loan book passed £1 billion for the first time, almost all of which was lent to our valued SME customer base.”