Simply Asset Finance secures £120 million loan facility from Bank of America to boost business lending in the UK

Simply Asset Finance has announced a major milestone: securing a £120 million loan facility from Bank of America. This new facility, initially set at £60 million with the potential to expand to £120 million, will significantly increase Simply Asset Finance’s ability to finance businesses in the UK.

The agreement strengthens Bank of America’s position as a major player in UK asset finance and underlines its confidence in Simply Asset Finance’s experienced management team and growth potential. The facility will enable Simply Asset Finance to increase lending to UK businesses by 30% and increase new lending by approximately £100 million within the first year.

Simply Asset Finance recently reported a profit for the 2023 financial year of £5.5 million and a turnover of more than £52 million. Since its inception in 2017, the company has financed over 7,400 customers through 15,161 agreements, with total new loans now reaching £1.3 billion. The company has expanded its national footprint, including opening a new sales center in Liverpool, which achieved £7 million in advances in its first year.

Stefan Wolvaardt, CFO of Simply Asset Finance, commented: “This level of commitment from Bank of America marks an important milestone for us at Simply. Identifying us as a key growth partner within the asset finance market is testament to the strength of our approach to corporate lending. We have created a digital financing journey through our leading technology combined with our team of experts, which sets us apart.”

Simply Asset Finance was founded by asset finance specialists and provides innovative financing solutions for small and medium-sized businesses in the UK. The company’s approach looks beyond the balance sheet and enables clients to realize their business potential through accessible and efficient financing options.

Andrei Cotonet, Director at Bank of America, commented: “We are proud to announce the successful closing of a new credit facility with Simply Asset Finance, designed to provide the financial resources needed to invest in critical assets and achieve sustainable growth in the United Kingdom. This development underlines our continued commitment to supporting one of the UK’s leading asset finance lenders in its future growth plans.”

This strategic partnership between Simply Asset Finance and Bank of America will deliver significant benefits to UK businesses and drive growth and innovation in the asset finance sector.