British Business Bank agrees £300m transaction with Close Brothers

The British Business Bank (BBB) has agreed a transaction of up to £300m with Close Brothers under its ENABLE Guarantees programme.

The transaction will support a portfolio within Close Brothers Asset Finance, covering hire purchase, sale and hire purchase back and leasing facilities.

The asset finance market reached a record £23.5bn in 2024, accounting for one-third of all UK investment in vehicles, machinery, and equipment last year.

BBB’s ENABLE Guarantees programme is designed to encourage additional lending to smaller businesses. Participating firms are covered by a government-backed guarantee, which supports defined portfolios of debt finance in return for a fee.

The programme is open to all UK banks, UK branches of foreign banks, asset finance providers and asset-based finance providers, as well as certain other categories of lenders which lend to UK SMEs.

“Close Brothers is a trusted and long-standing finance provider to thousands of UK smaller businesses. This transaction reflects both institutions’ commitment to ensuring small businesses continue to access the finance they need — especially in tougher times,” said Michael Stevens, managing director, structured financial institutions at BBB.

“We are a proud supporter of the UK’s SME community and are delighted to be participating in the ENABLE Guarantees programme, in partnership with the British Business Bank,” added Matt Roper, chief executive, Close Brothers Commercial.

“Close Brothers Commercial – which our asset finance business is a key part of – provides almost £5bn of lending to business owners, with loan sizes ranging from £5k to £100m; the ENABLE programme will allow us to support a larger number of firms as they look to invest in their future.”