UK government’s ENABLE scheme for small businesses seeks leasing participants

ENABLE is funded by the Department for Business, Innovation and Skills (BIS) and run by the British Business Bank, and will ‘warehouse’ newly-originated asset finance receivables from different originators – bringing them together into a new structure.

Once the structure is big enough, it will seek to refinance a portion of its funding through securitization techniques, thereby enabling smaller finance providers to tap institutional investors’ funds.

Simon Goldie, Head of Asset Finance at the Finance & Leasing Association (FLA), said: “The Enable programme will allow small, challenger banks and non-bank lenders to access cost-efficient funding from the capital markets.

“This is great news for the thousands of small businesses that want to finance new equipment to help them grow.

“We are very pleased to have helped in the development of the Enable programme and look forward to continuing to work closely with the British Business Bank.”  

The British Business Bank spokesman added: “if you provide asset or lease finance to smaller businesses and want to find out more, or express an interest in participating in ENABLE, please download our Request for Proposals.

The British Business Bank began operations on November 1, 2014 as an independent organization. The spokesman said: “It has already been making a difference for small and medium-sized businesses as part of BIS. Some £829m of new lending to smaller business has already been supported, and over 35,000 firms have benefited from the Business Bank’s programmes. In total, £10bn will be unlocked over the next five years for smaller businesses.