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Simply Asset Finance is planning a major expansion in its business after doubling its financing with the British Business Bank.

The £60 million facility is the second tranche of financing to support lending to small and medium-sized businesses in the UK, taking the total funds provided by the bank to £120 million.

In the past year, Simply Asset Finance has facilitated more than 1,000 finance agreements worth around £100m to SMEs.

In the 17 months since it was established, it has expanded to employ 50 people and this year secured the International Asset Finance Network Award for Best New Entrant.

Mike Randall, CEO of Simply Asset Finance, who was also named CEO of the Year – Equipment Finance at the IAFN Awards, said: “This second and very significant tranche of investment from the British Business Bank comes at an exciting time for us.

“The market opportunity is considerable and we are growing rapidly, yet steadily, to be able to take advantage of that.

“Essentially, we’re normal people doing business with normal people, but supported by up to date technology – and that is a main component in setting us apart from our competitors. For us, it’s all about the customer experience, their journey and the speed of our decision-making, all supported by agile, up to date tools. We believe that Simply Asset Finance is a game changer in the asset finance industry.”

The British Business Bank’s 2018 Small Business Finance Markets report highlights the increasing importance of asset finance to smaller businesses, with the value of finance to the sector increasing by 12% between 2016 to 2017.

Keith Morgan, CEO of the British Business Bank, said: “This additional funding through Simply Asset Finance will enable more businesses to source the new or replacement equipment they need to expand and fulfil their growth potential.”

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government. It currently supports almost £5.2 billion of finance to nearly 75,000 smaller businesses.