British Business Investments, a commercial subsidiary of the British Business Bank, has committed an additional £15 million to Compass Business Finance, taking its total commitment to £30 million.
Compass is an independent finance company with an ‘innovative and relational approach to the market’. Established in 2005, the company works to help businesses navigate the financial landscape, providing flexible and competitive funding options to enable their long-term success.
This additional investment will further increase the flow of funding for asset finance products into UK-based smaller businesses operating in the print, packaging and manufacturing sectors. It will also provide Compass Business Finance with additional funding for smaller and medium-sized businesses requiring business critical equipment finance over the next three to five years, and also contribute to the company’s own growth trajectory whilst supporting underserved businesses as they recover from the Covid-19 pandemic.
Mark Nelson, director at Compass Business Finance, said, ‘The increased commitment from British Business Investments will enable us to further support the demand for funding across our core markets. It is encouraging to see businesses seeking finance for investment and growth, and to continue our provision of funding support in a simple and straight-forward manner.’
This increased commitment comes as British Business Investments continues to support independent operators in the asset finance sector.
Judith Hartley, CEO at British Business Investments, commented, ‘This increased commitment to Compass Business Finance helps to diversify the finance market and provide more choice for companies across the UK. We are happy to continue working with Compass Business Finance Ltd over the next five years, to help those UK companies get the finance they need.’
