Kingsway Finance, part of Praetura Group’s lending division, has announced a new £10m block discounting funding facility from British Business Investments.
According to the British Business Bank’s Small Business Finance Markets Report, access to finance is one of the most significant challenges smaller businesses face in developing and expanding their business. This new £10m facility from British Business Investments will enable Kingsway Finance to increase its funding capacity to small and medium-sized businesses across the UK.
This news follows record figures across the whole of the Praetura Lending Division in 2022, for the second consecutive year. The division’s combined loan book has grown to more than £330m, with ambitions to increase that significantly in 2023. Kingsway Finance also announced their formal accreditation as a lender for the new iteration of the government-backed Recovery Loan Scheme (RLS) by the British Business Bank in February this year.
