Inspired Capital has secured an additional GBP25 million debt facility through British Business Bank Investments Limited, the commercial arm of the UK Government's economic development bank.
The funding will be provided as a three year syndicated back-to-back facility with Lloyds bank, increasing the total facilities for Inspired's invoice finance business to GBP75 million. The new facility is provided on the same commercial terms as, and will rank pari passu with, the Lloyds facility.
The new facility will be utilised to fund the Group's growing invoice finance business.
Brian Cole, Chief Executive Officer of Inspired Capital plc, says: "We are delighted to have received substantial support from British Business Bank Investments Limited for our high-quality and innovative invoice finance offering. We continue to see a real opportunity to expand into the heavily underserved SME finance market.
"The new facility will allow us to further support UK businesses by increasing the funds available whilst we continue to grow our core product offering."
Peter Wilson, Chief Executive of British Business Bank Investments Limited, says: "We are delighted to be providing funding to support Inspired Capital, an AIM-listed finance provider with ambitions to increase significantly their invoice financing capability.
"The flexibility we have built into our support will also assist Inspired in bringing additional SME financing products to the market.
"This is the ninth investment since launching the Investment Programme with over half of the GBP400m budget now committed."
