The British Business Bank has agreed a new facility with BFS Marine Finance, designed to increase the flow of finance to smaller businesses within the commercial marine sector.

The structured finance facility of up to £20m will allow BFS Marine Finance to provide secured financing facilities for the acquisition or refurbishment of marine assets operating in various sectors.

Qualifying assets include coastal ships trading in UK and European waters, general purpose workboats, windfarm service craft, survey vessels, charter boats and passenger ferries.

The finance will enable smaller marine businesses to acquire newer vessels to expand or upgrade their existing fleet. It will contribute to improved energy efficiency as the use of more sustainable fuels or conversion to battery or hybrid power comes online.

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