Simply Asset Finance, a prominent player in the asset finance market, has announced the successful securing of a £120 million loan facility from Bank of America. This substantial funding is set to significantly bolster the company’s capacity to provide essential financial support to small and medium-sized enterprises (SMEs) across the UK.
Founded in 2017, Simply Asset Finance has rapidly grown to become a key financial partner for businesses seeking to invest in equipment and other assets. The newly acquired loan facility will enable the company to extend its lending capabilities, providing more SMEs with the necessary capital to drive their growth and innovation.
The loan facility from Bank of America underscores the confidence of global financial institutions in Simply Asset Finance’s business model and its potential to stimulate economic development. By offering tailored financial solutions, Simply Asset Finance aims to address the unique needs of SMEs, which often face challenges in accessing traditional banking services.
Mike Randall, CEO of Simply Asset Finance, expressed his enthusiasm about the partnership, stating, “This significant funding from Bank of America will allow us to continue our mission of supporting the growth and success of SMEs across the UK. With this facility, we can provide more businesses with the financial resources they need to thrive.”
The collaboration between Simply Asset Finance and Bank of America marks a pivotal moment in the asset finance industry, highlighting the critical role of financial institutions in supporting the SME sector. As the UK economy continues to navigate post-pandemic recovery, the infusion of capital into small businesses is expected to drive job creation and innovation, reinforcing the importance of accessible and flexible financing solutions.