Haydock to increase lending after securing BBB backing

Haydock to increase lending after securing BBB backing

The British Business Bank (BBB) has accredited Haydock Finance for the asset finance variant of its Enterprise Finance Guarantee (EFG) programme.

The announcement will enable Haydock to increase its supply of asset finance to SMEs who are struggling to obtain funding.

It follows the provision of a £25m block discounting facility provided to the asset finance lender by the bank’s commercial arm British Business Investments in 2016.

The EFG programme provides lenders with a government-backed guarantee for up to 75% of the outstanding balance of eligible facilities.

Since its launch in 2009, the programme has supported smaller businesses with the provision of over 29,950 loans and other facilities totalling more than £3.2bn. 

Steve Worrall, managing director at Haydock Finance, said the EFG would allow the Blackburn-based lender to increase funding to viable businesses nationwide.

“We value the bank’s flexible approach and having access to EFG will complement our business model and aspirations. 

“It will provide Haydock with a strong platform to help our Blackburn-based team of 50 to achieve our strategic plans and objectives to continue to grow our gross receivables above the current level of £200m.”

Jim McAuley, director for guarantee and wholesale solutions at BBB, said it wanted smaller businesses across the UK to be able to access the finance they needed to grow and succeed. 

“We are delighted to announce that Haydock Finance has been accredited as the latest partner under this variant of the programme, enabling the provision of additional asset finance, a vital funding option for smaller businesses looking to grow, expand and create jobs. 

“Having access to EFG to support critical investment in business assets provides a significant opportunity for many more viable smaller businesses to realise their ambitions.”

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