Compass gains further £15m to support SME investment
Wednesday, April 6, 2022
Compass Business Finance has secured an additional £15m in funding from the British Business Bank to help SME firms invest in new equipment to take their businesses forward.
The fresh, five-year funding commitment doubles the previous amount of funding via the same channel.
It will be targeted at “underserved” small-and medium-sized businesses looking to invest in new equipment to help them recover from the effects of the pandemic.
Compass director Mark Nelson said the new tranche of funding would enable the independent finance specialist to further support the demand for funding across its core markets.
“It is encouraging to see businesses seeking finance for investment and growth, and to continue our provision of funding support in a simple and straight-forward manner,” he said.
British Business Investments is part of the government-backed British Business Bank. Compass had previously worked with the bank on the Enterprise Finance Guarantee, Covid-19 recovery loans and CBILS funding.
BBI CEO Judith Hartley said the organisation “continues to support independent operators in the asset finance sector”.
She stated: “This increased commitment to Compass Business Finance helps to diversify the finance market and provide more choice for companies across the UK. We are happy to continue working with Compass Business Finance over the next five years, to help those UK companies get the finance they need.”
Compass director David Bunker added: “The BBI is very discerning about who gets these facilities, and the fact they’ve taken it up to £30m is a real show of support in what we’re doing to disseminate funding into the SME market.”