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(Sharecast News) - Manufacturing sector lender Distribution Finance Capital Holdings (DFCH) announced on Wednesday that it has entered into a new ENABLE Guarantee facility with the British Business Bank worth up to 350m.
The current guarantee arrangement, which was transitioning into a run-off phase, having been in place for the past three years, will be replaced by a new facility that DFCH said is "closely aligned to its lending strategy".
The company said the facility allows it to support more SME lending to its manufacturer, dealer and distributor customers over the term of the programme.
The facility has a pool size of up to 350m of loans, while commercial terms remain unchanged.
"This successor ENABLE Guarantee with the British Business Bank is a critical ingredient that supports the expansion of our lending capacity through 2028 and in line with our strategic plan," said DFCH's chief executive Carl D'Ammassa.
"Built on our track record and experience of our previous arrangements, this latest iteration has been specifically structured to better align with our specialist lending model, strengthening our ability to provide finance to UK SMEs."
The stock was up around 1% at 64.1p by 0900 BST.
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