British Business Investments is providing a new £15 million capital facility to specialist bank PCF Bank to increase the supply and diversity of finance for the UKs smaller businesses.
The facility is part of BBI’s investment programme which has supplied more than £900 million to finance providers in the UK SME market since its launch in 2013.
BBI is a subsidiary of British Business Bank, the UK government’s economic development bank, and invests mainly in smaller businesses and small mid-caps through a network of finance providers.
Catherine Lewis La Torre, chief executive officer of BBI, said: “This commitment to PCF Bank supports British Business Investments’ objective to increase the diversity of supply of business finance. Banks like PCF help diversify the finance market, and in turn contribute to more choices for smaller businesses across the UK.”
PCF Bank launched in 2017 aims to expand its lending portfolio to £750 million by 2022.
Scott Maybury (pictured), chief executive officer of PCF Bank, said: “PCF has been helping UK SMEs purchase the assets they need for over 20 years. This facility from British Business Investments will allow us to continue to grow and support the UK private sector.”