PCFG boosts SME lending with $10m deal » SMEInsider

PCFG boosts SME lending with $10m deal

Private and Commercial Finance (PCFG) have arranged to provide small businesses with a £10m loan which will help improve anticipated growth within the sector.

The arrangement is between PCFG and British Business Bank Investments Ltd, the commercial arm of the UK Government’s economic development bank. PGFC announced that they have an availability period of 36 months on the deal.

PGFC help increase the level of finance to small and medium sized firms, in particular improving the provision of long-term finance. They announced that their total lending headroom can reach as high as £32.7m, which can be seen as a great opportunity for SMEs to gain funding to expand their businesses.

‘‘The support of British Business Bank Investments will be key to expanding our lending into the vital SME sector. Small and medium sized businesses are key for the UK economy and PCF, by securing this facility of £10m, has been given the opportunity by the government to be one of its conduits down to that business community,’’ said Scott Maybury, Chief Executive of PCFG.