BBB seals £300m ENABLE Guarantee deal with Close Brothers

The British Business Bank (BBB) has agreed an ENABLE Guarantee transaction of up to £300m with Close Brothers, unlocking fresh lending capacity for smaller UK businesses.

The facility will support a portfolio within Close Brothers Asset Finance, covering hire purchase, sale and hire purchase back, and leasing arrangements. Asset finance – which allows firms to acquire business-critical equipment and vehicles – has become a vital funding tool for smaller businesses, with the market hitting a record £23.5bn in 2024.

The Finance & Leasing Association estimates that asset finance accounted for around one-third of all UK investment in vehicles, machinery, and equipment last year. It is increasingly seen as a driver of sustainable investment too, helping businesses finance low-carbon and green assets.

The ENABLE Guarantees programme provides participating lenders with a government-backed guarantee in return for a fee, encouraging them to extend additional finance to smaller companies. It is open to UK banks, branches of overseas banks, and a range of asset finance and asset-based finance providers.

Michael Strevens, Managing Director, Structured Financial Institutions at the British Business Bank, said: “Close Brothers is a trusted and long-standing finance provider to thousands of UK smaller businesses.

“This transaction reflects both institutions’ commitment to ensuring small businesses continue to access the finance they need — especially in tougher times. We’re pleased to support this deal that helps Close Brothers to provide even greater support to smaller businesses across the UK.”

Matt Roper, CEO of Close Brothers Commercial, added: “We are a proud supporter of the UK’s SME community and are delighted to be participating in the ENABLE Guarantees programme, in partnership with the British Business Bank.

“Close Brothers Commercial – which our asset finance business is a key part of – provides almost £5bn of lending to business owners, with loan sizes ranging from £5k to £100m; the ENABLE programme will allow us to support a larger number of firms as they look to invest in their future.”

Close Brothers is already an accredited delivery partner for several other British Business Bank initiatives, including the Growth Guarantee Scheme and legacy programmes such as CBILS, BBLS, CLBILS and the Recovery Loan Scheme.