British Business Investments has made a £15m increase to its facility with Liberty Leasing, raising the total from £15m to £30m.

The funding will enhance access to finance for smaller businesses across various sectors, including construction, engineering, transport, agriculture, and printing.

British Business Investments, a subsidiary of the British Business Bank, aims to improve alternative finance options for smaller businesses, while supporting the country’s move towards a net zero economy.

Since its establishment in 2014, it has committed over £3.8bn to finance providers for smaller businesses.

Liberty Leasing lends to smaller companies, specifically those with a turnover between £0.5m and £25m.

It recently transitioned to an Employee Ownership Trust (EOT), allowing staff to have a say in the company’s direction without owning shares.

Adam Kelly, managing director at British Business Investments, said: “We are pleased to offer a facility increase of £15m to Liberty Leasing.

“Independent operators like Liberty Leasing help diversify the UK’s smaller business finance market and provide more choice for businesses.

“Our investment will help smaller businesses across the UK to get funding for assets they need to continue their growth.”

Alan Cooper, finance director of Liberty Leasing, said: “The £15m extension of the British Business Investments facility is an exciting opportunity for us to develop our existing customer base by providing much needed access to asset finance for UK smaller businesses.

“Demand from smaller businesses continues to grow and Liberty Leasing is proud to be a leader in supporting their financing needs.”