UNIVERSAL Leasing, which trades under the Admiral Leasing brand at Chambers Business Centre in Oldham, has received £12 million investment from British Business Bank.

The funding is expected to double Admiral’s leasing and commercial loan capacity, allowing it to support smaller businesses accessing asset finance as part of their growth plans over the next five years.

British Business Bank is the commercial arm of British Business Investments.

Universal Leasing managing director Michael said: “We are delighted to have secured this additional funding and expansion capital facility from British Business Investments. This combined facility will allow us to double the amount of funding we can make available to our varied small and medium sized business (SME) customer base to support them with their future equipment and working capital requirements.

“This innovative product from British Business Investments is a great example of government supporting lending to UK SMEs and will help us continue our rapid growth.”

British Business Investments chief executive Catherine Lewis La Torre said: “As the commercial arm of the British Business Bank, we support financial innovation and diversity in asset finance.

“We look forward to working with Universal Leasing Ltd over the next five years to help those businesses get the finance they need.”