The British Business Bank is planning to launch an asset finance option within the Enterprise Finance Guarantee Scheme.
The move will see the BBA re-open itsEFG lender accreditation process which it hopes will lead to a greater number and more diverse set of lenders.
Teresa Graham, independent non-executive director at British Business Bank. said: “I am pleased to announce that the British Business Bank will be engaging further with the asset finance sector and asset finance providers to explore appetite for and take views on the design of an asset finance variant.”
And the move has been welcomed by the Finance & Leasing Association.
Simon Goldie, head of asset finance at the Finance & Leasing Association, said: “This is a very welcome development and reflects our discussions with the government and the BBB on this issue. We will continue to work with the BBB on the development of the asset finance option of the EFG, which the BBB says it intends to launch this Summer.”