BFS Marine Finance, part of Bibby Line Group’s independent funder Bibby Financial Services, has lined up £20m ($25m) to support smaller businesses within the commercial marine sector.
A structured facility has been agreed with the British Business Bank to provide secured financing for fleet renewal, expansion or upgrade of existing vessels.
The finance is intended for coastal ships trading in UK and European waters, general purpose workboats, windfarm service craft, survey vessels, charter boats and passenger ferries.
“Historically, the sector has had a high barrier to entry and a limited number of lenders servicing the market, so we hope this transaction will allow BFS Marine Finance to support more businesses and help drive availability and competition in the process,” said Jonathan Marriott, senior director of structured financial institutions solutions at British Business Bank.
The initiative will also contribute to improved energy efficiency as the use of more sustainable fuels or conversion to battery or hybrid power comes online.
“We look forward to helping businesses acquire vessels to expand or upgrade existing fleets in 2025 and beyond,” said Paul Ratcliffe (pictured), managing director of BFS Marine Finance.
