Blackburn, UK based Praetura Asset Finance has raised an £18m venture investment from British Business Bank Investments LTD. A privately owned company, Praetura Asset Finance was launched in 2014 in response to the inability of the banks and other funders to assist the SME marketplace with its cashflow needs.
The investment, comprising £15m of matched funding and an additional £3m of expansion capital, will support at least £36m of smaller business finance. This is the first British Business Bank Investments Ltd transaction to combine matched and unmatched funding in this way. Praetura Asset Finance provides asset-based finance, hire purchase, finance leasing and refinancing facilities of between £10k and £2m to businesses across a variety of sectors, including construction and plant, engineering, printing, transport, waste and recycling, and agriculture. Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd, said: “British Business Bank’s recent Small Business Finance Markets Report indicated strong growth in asset finance volumes over the last two years, and we see asset finance as an important option for smaller businesses looking to realise their growth potential.