British Business Investments announces £15m facility to Performance Finance Limited

British Business Investments is providing a £15m facility to Performance Finance Limited. The transaction will be structured as a block discounting agreement that will allow Performance Finance to provide funding support to smaller businesses looking to acquire business-critical assets to accelerate their growth.

British Business Investments, a wholly owned commercial subsidiary of the British Business Bank, aims to improve access to alternative finance for smaller businesses across the whole of the UK, while supporting the UK’s transition to a net zero economy. Since it was established in 2014, British Business Investments has committed more than £3.8 billion to providers of finance to UK smaller businesses.

Performance Finance is a provider of innovative financial solutions for professionals, including opticians, dentists, solicitors, vets, and surgeons. The company’s personal approach makes it easy for professionals to access a variety of funding options, including business loans, personal loans, and asset finance.

Performance Finance’s direct lending facility has grown significantly since its inception in 2005, from financing just over £380k in its first year to £55m during 2023.

Adam Kelly, Managing Director, British Business Investments said: “This £15m facility to Performance Finance Limited supports British Business Investments’ mission to improve access to alternative finance for smaller businesses across the whole of the UK. Independent operators like Performance Finance help diversify the UK’s smaller business finance market and provide more choice for businesses. We look forward to working with Performance Finance to help smaller businesses across the UK get funding for the assets they need to continue their growth.”

Amanda Smith, Finance Director, Performance Finance Limited said: “British Business Investments’ belief and investment in Performance Finance will help us continue to provide asset finance for essential optical, dental and veterinarian equipment.”

Stuart Burn, Managing Director, Performance Finance Limited said: “I am absolutely delighted British Business Investments have supported Performance Finance with a £15m Block Discounting Facility.

“This will help us increase our funding to professionally qualified SME’s that are keen to grow and provide vital services within their communities.”