Oxbury Bank has secured an agreement with the British Business Bank to increase its existing ENABLE Guarantee transaction by £100 million.
The original £100 million transaction with the British Business Bank, announced in November 2023 has supported over £140 million of finance for c.170 smaller businesses in the rural economy. This additional £100 million will extend that support, bringing the total transaction to £200m and with scope to increase further, subject to approvals.
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Oxbury is the only UK bank dedicated to supporting ag tech and one of the UK’s leading fintechs, with a singular focus on farmers, food production and the rural economy.
The bank has a strong track record supporting farm businesses to improve their sustainability, and the extended ENABLE Guarantee will now include a specific enhanced incentive for Oxbury to promote more lending that meets certain sustainability criteria.
James Farrar, co-founder and CEO at Oxbury Bank, said: “Since first announcing the original ENABLE Guarantee last year, we have been thrilled at the pace at which we’ve been able to support around 170 SME farming businesses across the country, with over £140m of vital funding to help support and grow their businesses.
“By doubling the original transaction – and including the new sustainability incentive – Oxbury will be able to rapidly increase the impact of our lending across the farming and rural economy.”
