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The British Business Bank has expanded its partnership with Compass Business Finance, unlocking a £45m funding pot to drive small business growth
The British Business Bank has extended its facility with Kent-based lender, Compass Business Finance, to up to £45m.
Compass is an independent asset finance funder and broker providing finance leases, hire purchase, and business loan facilities to smaller businesses across the UK. Since being established in 2005, Compass has helped thousands of businesses invest in equipment and technology to support their growth.
Compass specialises in asset finance and funding solutions for the print and packaging industries, providing tailored financial products designed to help print service providers (PSPs) and converters upgrade technology.
The latest transaction from the British Business Bank follows an initial £15m commitment in 2020 which was increased to £30m in 2022.
The facility will support Compass’ development as the lender continues to grow its loan book and support more small businesses across the UK.
This transaction is delivered under the Bank’s Investment Programme, which promotes competition and increased supply through new finance providers or products, aiming to increase the provision of finance to viable businesses.
Since 2020, Compass has also participated in the British Business Bank’s Growth Guarantee Scheme (GGS) and the Bank’s Investment Programme to increase lending to smaller businesses.
Michael Strevens, managing director, Structured Financial Institutions Solutions, at the British Business Bank, says: “Completing this transaction with Compass Business Finance represents an important step in strengthening the flow of finance to smaller businesses across the country.
“This partnership will support more businesses to invest, grow, and build resilience. Through this, we can ensure that smaller firms across all regions have access to the finance they need to drive productivity and contribute to a thriving local economy.”
Mark Nelson, co-founder and director of Compass Business Finance, adds: “We are delighted to further strengthen our relationship with the British Business Bank.
“This is a significant facility that will increase our ability to support SMEs across the UK, enabling more businesses to access the funding they need to invest, grow, and achieve their ambitions. It is an important step in supporting our continued growth while maintaining the service and flexibility our customers value.”
