Cambridge & Counties Bank secures £20m Tier 2 facility from British Business Investments
Cambridge & Counties Bank, which provides lending and deposit products for SMEs, has received £20 million in a Tier 2 capital facility from British Business Investments.
British Business Investments provides £20m facility to Cambridge & Counties Bank
British Business Investments is a wholly-owned subsidiary of the British Business Bank, which aims to boost the lending capacity of UK-based finance providers by increasing their access to finance. Established in 2014, British Business Investments has since committed over £3.3 billion to small business finance providers.
With the fresh facility, Cambridge & Counties Bank aims to increase its volume of lending to small businesses “over and above levels it might have otherwise been able to provide”.
Andrea Hodgson, chief financial officer at Cambridge & Counties Bank, claims the bank crossed £1 billion in its loan book for the first time last year, with a chunk of the book lent to its SME customers.
“We greatly value our long-standing relationship with the British Business Bank and are grateful to it for its latest investment in our new Tier 2 issuance programme,” Hodgson remarks.
“As we progressively draw down on this, we will deploy the additional regulatory capital to further support our UK SME client base with their own financing and growth ambitions.”
Headquartered in Leicester, UK, Cambridge & Counties Bank is jointly owned by Trinity Hall, a college of the University of Cambridge, and the Cambridgeshire Local Government Pension Fund. It is authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
