Propel Finance has obtained a £1.5 billion funding facility aimed at expanding its lending operations to small and medium-sized enterprises (SMEs) across the UK. This funding, supported by notable financial institutions like Barclays and Bank of America, will enhance access to finance for businesses in vital sectors such as manufacturing and technology. Mark Catton, CEO of Propel Finance, described the funding as transformative, expressing gratitude towards the lenders for their confidence. Propel offers various asset finance solutions to empower SMEs amidst economic challenges and rising borrowing costs.
The funding was backed by a group of leading financial institutions including Barclays, Bank of America, Citi, and the British Business Bank.
The new facility marks one of the largest SME-focused funding deals this year, helping Propel to accelerate access to finance for businesses in critical sectors.
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