Big boost for bank
Atom bank and British Business Bank Investments Ltd (BBBIL), the commercial arm of the British Business Bank, today announce the agreement of a £30m Tier 2 capital facility to support Atom’s growth.
The Tier 2 eligible facility is a valuable addition to Atom’s existing regulatory capital base and will enable the bank to draw on additional capital in a flexible manner as it grows.
The £30m capital facility is being made under BBBIL’s Investment Programme, which has so far committed over £580m to providers of finance to UK SMEs.
Anthony Thomson, founder and chairman of Atom comments: “Access to Tier 2 capital at such an early stage of the growth cycle is rare and we are extremely pleased to be gaining this support from British Business Bank Investments.
“Together with the British Business Bank, we are sending a clear sign – we are here to support UK SMEs.
“This facility provides us with tremendous flexibility. Like all banks, we are actively managing our capital structure and having access to Tier 2 capital at this stage helps support our growth and is a great result for Atom, its shareholders and customers.”