The new offering will initially be offered through select introducers, before being rolled out across Aldermore’s broker network in the coming months.
Whilst Aldermore will only offer the asset finance element of the programme in the first instance, it has plans to join other variants of the scheme in the near future – helping it to provide further funding to help SMEs thrive, build business confidence and stimulate growth within the market.
Since being established in 2009, Aldermore has consistently increased its support for UK SMEs. The EFG programme will provide Aldermore with a government-backed guarantee against eligible facilities, allowing it to broaden its reach to customers who are unable to secure funding due to insufficient security.
Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said: “We are delighted to be working with the British Business Bank as one of the early participants in EFG for asset finance. Through our partners, we are confident we’ll be able to support more businesses than ever before, building on our credentials as arguably the funder of choice for brokers looking to fund assets of all shapes and sizes.
“This is a great opportunity to help businesses unlock their potential by giving them access to the finance they need to support their growth ambitions. Small and medium-sized enterprises are the backbone of the UK economy and it is core to our mission at Aldermore that we do everything possible to help them succeed.”
Bernie Skivington, Director, Guarantee and Wholesale Solutions at British Business Bank said: “The British Business Bank is committed to helping UK smaller businesses who have the potential to succeed to access the finance they need to grow.
“The asset finance variant of our successful Enterprise Finance Guarantee (EFG) programme was launched in October last year. Aldermore Bank is the second accredited lender announced for the new variant, and we are delighted it will enable more of its smaller business customers to make critical investments in business assets through leasing or hire purchase.”
For further information, journalists can contact:
Carmel McCarthy, Aldermore
Phone: 020 3553 4216
Mobile: 07464 644754
Andy Homer, Aldermore
Phone: 07931 492722
Notes to Editors:
For further information about Aldermore, please review our Notes to Editors page.